Zevulon Capital, Inc. is pleased to announce the sale of Midwood Glen, a 60-unit apartment complex at 3937 Glenwood Road in Decatur, Georgia for $4.5 million, or $75,000 per square foot. Zevulon purchased the asset in May 2019 for $2.7 million, yielding a 57% internal rate of return in less than two years.
Zevulon made significant improvements to the value-add property, including modernizing exteriors and interiors and making security enhancements to mitigate crime and blight. In-house property management company, Midwood Management, brought existing rental rates to market and achieved premium rents on renovated units, which along with utility reimbursements boosted the property’s cash flow.
“We are pleased that our repositioning plan generated outsize returns for investors in a short time period,” said Zevulon Capital Principal Levi Polter.
About Zevulon Capital
Zevulon Capital is a privately held, Atlanta-based real estate investment management firm that acquires and strategically transforms value-add multifamily assets across the southeast. Leveraging extensive market knowledge and industry insights, Zevulon successfully up-positions underperforming communities, creating profitability for investors and elevated living environments for residents. Visit zevcap.com to learn more.