At the start of 2021, NorthHaven had an average re-rent of just $29. In January, partner and CEO Bob Lloyd asked property manager Kelly Lawrence to complete the reengineering of the property, turn NorthHaven around and launch it for sale. Kelly told Bob she was up for the challenge.
Fast forward to September, the average re-rent took a major leap up to $126. The Connor Group purchased the property for $50.5 million in 2019 and, in 24 months, sold NorthHaven for $79 million – a 56% increase.
The NorthHaven team also accomplished the following:
- Improved NOI by $1.3M (59%) since acquisition.
- Increased rates $194 in less than 24 months.
- Other Income increased by $274k (88%) since acquisition.
- Returned $25.4 million to investors, or 328% of their original $7.7 million investment.
- Final IRR of 84.8%.
During the sale-a-bration, Bob spoke directly to turn tech Richard Bullock, who played a critical part in the property sale.
“We had the right team in place,” Bob said. “We didn’t have the right service people for a while. Richard, thank you for coming through and really helping us see it through the end. You’ve had a tremendous impact at North Haven.”
With the help of two Connor Group veterans, partners Tenniel Wilson and Tina Austin, NorthHaven proved our people can do the impossible.
“We wouldn’t be in a position in Atlanta without you,” Bob said.
Our culture celebrates success and moves forward. The team in Atlanta is already onto its’ next order of business – selling 1660 Peachtree.