Raleigh, N.C.-based DeVanDylan Capital Partners LLC acquired the Willow Park Apartments complex in Forest Park for $10.3 million or $95,000 per unit.
The community is located on about 10 acres at 1466 Rockcut Road. Courtesy of Google Maps.
The 108-unit, 14-building community is located on about 10 acres at 1466 Rockcut Road. DeVanDylan plans to conduct numerous improvements, including a comprehensive exterior renovation with a new roof, façade and parking lot, as well as interior renovations, upgraded security systems and refreshed community amenities. Strategic Management Partners will provide property management.
“With a very conservative and disciplined approach, we have a talent for acquiring multifamily properties that are undervalued and under-managed, then making smart capital investments in meaningful improvements — polishing these gems — to bring them back to the market with new life,” founder and CEO Steve Morrows said in a press release. “In the case of Willow Park, we are starting with a class-C property with quality construction in an excellent location and transforming the complex into a solid class-B property.”
With the purchase of Willow Park, DeVanDylan now owns 525 apartments acquired through 11 transactions valued at more than $50 million.
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