How National Drove 19% ROI Despite Huge Barriers

A group of 32 TIC investors purchased Brodick Hills Apartments in April 2006.

ATLANTA—Despite the challenge of major construction that made it difficult to access the property, National Asset Services has delivered an 18.9% ROI to tenant-in-common (TIC) owners on the sale of Brodick Hills Apartments. The multifamily asset is located in Lithia Springs, about 18 miles west of Downtown Atlanta. How did National do it? The company leveraged an “aggressive” leasing and resident retention program that sent occupancy over 98%. That program created both stronger value and marketability at the time of the multifamily sale. Strategic property management and consistent communication with residents ultimately led to a 96% apartment rating. “The sale maximized results for our clients,” says Karen Kennedy , president and founder of National. “It also comes at an opportune time for the buyer who can now capitalize on a great property located in an area with favorable market conditions.” A group of 32 TIC investors purchased Brodick Hills Apartments in April 2006. NAS assumed asset management responsibility for the 312-unit, 291,590 square-foot multifamily property in 2009. The multifamily asset recently sold to Atlanta-based M . Banks Realty Partners . Built in 2003 on 53 acres, Brodick Hill Apartments are located at the northwest corner of Interstate 20 and Lee Road. The gated multifamily community offers a swimming pool with sun plaza, fitness center, lighted tennis court, car care facility, clothes care facility, garages and storage units. “The rental market has become much more active in the suburbs and not just in-town markets,” CBRE ‘s Brad Simmel of the Southeast Multifamily Group tells GlobeSt.com. “With the metro Atlanta population continuing to grow and more diverse subset of renters, the suburbs will remain an active player in the multifamily scene. Strong occupancy, limited new construction, job growth and continued forecasts of annual rent growth make for a sound investment.” Duluth multifamily is also getting some love from investors. Check out my recent column .