In 2013, KCP purchased a 1960s vintage, 312-unit apartment complex situated on 17+ acres in the affluent neighborhood, Sandy Springs, just outside the metro Atlanta city limits. The property, then called Avistelé at Andulusia, had been neglected and was in need of upgrades to maximize its value. Our original business plan was to repair and upgrade the property, add much-needed professional management, and rebrand it to Park 225.
After closing on the property, we continued our due diligence and pivoted strategies to pursue a rezoning for a higher density development consisting of for-sale townhouses and rental apartments. The property was subsequently sold for a profit that was in excess of our proforma and has since been developed into new Class A apartments and townhomes.