At a Glance

Location: Clarksville, TN

Units: 78

Hold Period: 3 years

Net Realized IRR: 24.5%

Net Equity Multiple: 2.01x

Case Study

Beechwood Holdings acquired Highland Park, a 78-Unit, garden style apartment complex in 2019.  Upon acquisition, Beechwood implemented it’s “light value-add” business plan consisting of painting the exterior of the apartment complex and renovating unit interiors.

The original exterior of the property needed a face-lift to improve the aesthetic and curb appeal of the property.  We painted the brick and siding with a white and gray scheme that brightened the feel of the property and gave the buildings a cleaner look.  We also updated the signage to improve the entrance of the property.  

The original interiors had not been improved since development and needed to be updated to reflect market trends.  Interior renovations consisted of new carpet, new paint schemes, replacing dated appliances with newer models, painting cabinets, and replacing ceiling fans and light fixtures.  The updated interiors provided a more desirable living experience and allowed for much higher asking rents.  

Average rents at the time of acquisition averaged $850.  At the time of sale, average in-place rents grew to $1,099.  Beechwood brought in professional third-party property management to achieve our stated goals.

After a successful exit, we delivered a 24.4% Net IRR and Net Equity Multiple of 2.01x to our investors.