Greywood Glen Apartments

Greywood Glen is located in a quiet neighborhood in the heart of Pascagoula. Gulfport-Biloxi-Pascagoula (GBP) is the second largest metro in Mississippi behind Jackson and Pascagoula is home to the largest employer in the state and most critical industries. Greywood Glen provides peace and quiet, but is also within close proximity to tons of shopping, restaurants, Northrop Grumman Shipyard, VT Halter Marine Shipyard, and Chevron Oil Refinery. Greywood Glen’s location makes this property perfectly positioned for growth. As Pascagoula continues to grow and investments stream in, this property is located within close proximity to the largest generators of revenue in the state of Mississippi - the ports, casinos, and oil refineries- which translates to an excellent and reliable tenant base.Greywood Glen is a 136 unit Multifamily Asset located on the Mississippi Gulf Coast in the city of Pascagoula. This property has the opportunity to be one of the premier apartment living scenes in the Gulfport-Biloxi-Pascagoula area. This material lays out each step needed in order to achieve that goal. This property is an excellent opportunity for investors to implement a value-add strategy through renovations. The subject value add strategy is projected to push the value of the asset to nearly $9,600,000 in 4 years. Current ownership began the implementation of this business plan and has managed to complete renovations on 48 of the 136 units. Among features included in the renovation process ownership has implemented include LVP flooring, new carpet, light fixtures, new appliances, plumbing fixtures, electrical, paint and other modifications. Utilizing this strategy, ownership has been able to raise rents by over 16.5% in some cases. Comparable rental properties in the area indicate that Greywood Glen's rental figures are well under the market for such a product, giving investors the opportunity to raise rent near the market average. Based on properties of similar vintage in the market, Greywood Glen’s asking rent has the opportunity to be raised from the current $0.78/SF to a still very achievable and modest $1.01/SF. By completing the renovation strategy implemented by the current ownership, as well as assuming the subject loan, new investors have the opportunity to achieve a 4 Year IRR of 34% based on our ask price of $45k/door