December 9th, 2020 8:00am CST
Montgomery, AL -
G1C Group LLC, a privately-owned and fully integrated multifamily investment and Business Acquisition Equity Group, announces the acquisition of Woodmere Apartments in Montgomery, AL.
Developed in 1977, Woodmere Apartments, formerly Legacy of the Lakes, is a 200-unit garden-style community that offers one, two and three-bedroom apartment homes. The newly acquired property is 79% occupied with rental rates ranging from $636 to $874, leaving the opportunity for tremendous value add for G1C Group’s investors. In conjunction with the acquisition, the community is expected to receive renovations to the unit interiors and exterior, in addition to landscape upgrades, along with bringing rents to market level, which currently sit $150-$180 below market, making way for the General Partnership’s strategy of value-add via forced appreciation.
G1C Group LLC acquired Woodmere Apartments as a member of a General Partnership led by Bullseye Investments, Bannock Capital, and Greyson Capital. Other members of the General Partnership were Pumpkin Spice Holdings; Tsie-How Michael Kung; Bigfoot Equity LLC; Big Alabama MF-1; AALON Capital LLC, Artemis Capital and Alpenglow Investments LLC.
“We are excited to add Woodmere Apartments to our expanding portfolio,” says Donald Thomas, Managing Partner of G1C Group LLC. “Migration patterns since the pandemic have accelerated in favor of southeastern cities like Montgomery, and this property is located in a submarket with strong accessibility to the growing set of demand drivers in the region.”