Current investment · Albany, Georgia
509 North
252-unit value-add multifamily acquisition at 509 N Westover Blvd, Albany, GA 31707.
$17.0M
Purchase price
$67,460
Per unit
$3.59M
Required equity
20%
Projected LP IRR
2.00x
Projected equity multiple
4 yr
Hold period
509 North is a 252-unit value-add multifamily community in Albany, Georgia, built in 1985 and under LOI for $17.0M, $67,460 per unit. The basis sits 23% below the nine-trade Georgia comp set average of $88,098 per unit, 29% below the property's 2025 appraisal of $24.0M, and well under the estimated $150,000 per unit cost to build new in this submarket.
The capital stack is $15.3M of in-place Fannie Mae debt, assumable at a fixed 5.66% rate through June 2031, insulating the deal from refinancing risk for the full four-year hold. Wappler Capital is raising roughly $3.5M of LP equity to fund the acquisition alongside a $500,000 investment in amenities and in-unit laundry.
Summary of terms
Transaction
- Units / year built
- 252 · 1985
- Purchase price
- $17,000,000
- Price per unit
- $67,460
- Price per square foot
- $83.83
- Going-in cap (adj. takeover NOI)
- 6.4%
- Year 1 yield on cost
- 6.82%
- Stabilized yield on cost (Yr 4)
- 8.07%
- Occupancy at close
- 90%
Capitalization
- Assumed Fannie Mae debt
- $15,300,000
- Total equity
- $3,586,377
- Total capitalization
- $18,886,377
- LTV / LTC
- 90.0% / 81.59%
- Loan-to-2025-appraisal
- 63.8%
- Interest rate (fixed)
- 5.66%
- Maturity
- June 2031
- Subordinate debt
- None
LP structure
- Preferred return
- 6.0%, paid quarterly or monthly
- Split above preferred
- 70% LP / 30% GP
- Acquisition fee
- 2.0% of purchase price
- Asset management fee
- 2.0% annually
- Property management
- 3.0% of EGI
- Disposition / refinance fee
- None
Business plan
Limit downside. Capture identifiable upside.
01 · Months 0–3
Assume and close
Assume the Fannie Mae loan at 5.66% and install third-party management at closing.
02 · Months 1–12
Restore and stabilize
Reinstate both pool complexes, the fitness center and clubhouse to close the resident-experience gap.
03 · Months 6–30
Install and price
Install in-unit laundry at turnover, starting with 84 two-bed units; release capital only after a 20-unit pilot validates the premium.
04 · Months 42–48
Exit
Exit the asset, underwritten at a 7.00% cap against a 6.54% trailing comp average.
Capital plan budget
- Pool complexes
- $90,000
- Fitness center
- $38,000
- Clubhouse
- $28,000
- Courts
- $18,000
- Dog park and pavilion
- $22,000
- Access and security
- $20,000
- Punch list
- $6,000
- In-unit laundry (150 units)
- $172,500
- Curb appeal
- $60,000
- Contingency (10%)
- $45,450
- Total
- $499,950
Operating projections
| T-12 | Year 1 | Year 2 | Year 3 | Year 4 | |
|---|---|---|---|---|---|
| Total income | $2,315,925 | $2,525,241 | $2,618,956 | $2,707,723 | $2,774,486 |
| Net operating income | $1,276,793 | $1,296,805 | $1,368,098 | $1,434,235 | $1,478,662 |
| Cash flow | — | $134,934 | $204,353 | $268,714 | $311,806 |
| DSCR | 1.20x | 1.17x | 1.24x | 1.30x | 1.35x |
Underwriting: 12% vacancy held flat, 1% bad debt, 2% annual expense growth, full Georgia tax reassessment to sale price.
Why Albany
Resilient employers. No new supply.
Albany is southwest Georgia's hub for defense, healthcare and manufacturing, anchored by Phoebe Putney Memorial Hospital and Marine Corps Logistics Base Albany, alongside Procter & Gamble, Molson Coors and Georgia-Pacific. 509 North sits in the affluent northwest corridor, where household income exceeds $90,000 within one mile.
145,510
Metro population (2025)
3.5%
Unemployment (Apr 2026)
72.7
Cost of living index
0
Multifamily units under construction
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Projected returns are estimates, not guarantees, and are based on assumptions that may not be realized. Real estate investments involve risk, including loss of principal. This page is informational and is not an offer to sell securities; any offering is made only through definitive offering documents to qualified investors.