Villages at Lennox Square

The Villages at Lennox Square has also located just a 5-minute drive from two of the areas top employers: Redstone Arsenal ad Huntsville Hospital, in addition to being less than five minutes from a thriving downtown. Steps away from Lowe Mill Arts & Entertainment center Neighboring other class-A multifamily developments Hottest emerging neighborhood in the Huntsville area Extreme rental upside - When previous ownership acquired the property AVG rents were $564, now AVG rents are above $800 simply by organically increasing rents closer to the marketVillages at Lennox Square Apartments, a 229-unit apartment asset strategically located on 17 acres in the fastest gentrifying area in Huntsville, Alabama, only 1 mile from 900-bed Huntsville Hospital, 1.2 miles from exploding downtown Huntsville, 3.1 miles from major job engine Redstone Arsenal, and within 1/3 of a mile from a new 84,000 square foot Whole Foods Center. Villages at Lennox Square is in some ways the most desirable location in Huntsville for an asset of its type and is a truly unique asset with incredible upside for those looking for a relatively heavy lift with high upside. Current Ownership has fully renovated 34 units and is achieving up to a $300 premiums. This renovation of 15% of the units provides a clear path to effective rents over $1,050 for the next Owner. And as the 74 down units are brought back online over the next 24-30 months and rented Investment Highlights: 74 down units needing full rehab Total renovation cost of $7.2M “All in” price of $19.2M Projected 5-year IRR of 26%