CLAWSON,
Mich., July 11, 2024 /PRNewswire/ -- The GSH
Group announces another successful sale and significant returns for
investors with the sale of Glengarry Park, a 300-unit apartment
community in Waterford, MI.
Initially purchased in Q4 of 2019 for $22.6
million, the property was sold at the end of June for
$31.35 million, marking a significant
milestone for the company and its investors.
Over the 4.5 years of ownership, GSH invested $2.5 million in capital improvements, including
unit upgrades, exterior work, and beautification of the property
grounds. In September 2022, GSH
refinanced the asset, returning 30% of the original equity to its
investors.
The success of this investment is attributed to GSH's robust
value-add program and management optimization practices. These
efforts resulted in a 26.8% increase in yearly NOI, or $404,000, and an average rental rate increase of
27.3% above the rates upon acquisition. Despite facing significant
challenges from COVID-19 and inflation, Glengarry Park performed in
line with the business plan, generating a deal-based IRR of
slightly above 18%.
"We are extremely proud of the results of this full-cycle deal,"
commented Gideon Pfefer, GSH CEO
& Managing Partner. "This sale highlights our ability to
execute our business plan effectively and adapt to changing market
conditions. We look forward to the next opportunity and continuing
to deliver strong returns for our investors."
The GSH Group recently celebrated another noteworthy sale of its
Foote Hills property, achieving
an impressive investor IRR of 15.25%.
GSH recently launched a new fund leveraging its proven
investment strategy that has consistently delivered strong returns.
For investors looking to capitalize on the current favorable
conditions in the multifamily real estate market, click
here to learn more about this exciting new investment
opportunity.
About GSH:
Founded in 2017, The GSH Group specializes in owning, managing,
and improving multifamily communities in desirable locations with
strong potential. With approximately $1
billion of acquisitions, GSH has transacted on approximately
9,472 apartment units in the country's top housing markets.
GSH is an Inc. 500 company and was recently recognized for other
outstanding accomplishments in the industry, including the
prestigious M&A Award 2024 for its creative financing deployed
to close the region's top multifamily deal of 2023. To learn more,
visit gshrealestate.com.
MEDIA CONTACT:
Mataan Lis
Director of Investor Relations
248.787.4745
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SOURCE The GSH Group