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Georgetown Oaks

Georgetown, DE

Project:Georgetown Oaks (Georgetown, DE)

Size:138 apartment units

JLAM identified the opportunity to acquire a high quality asset at an attractive price from an out-of-town distressed investor who was unfamiliar with the local supply and demand dynamics. The team completed the transaction quickly to capitalize on the opportunity, secured the financing, and managed all land development and construction activities.

What made it special:

  • A moth-balled multi-family development by a passive investor who was unfamiliar
    with the local market.
  • Ability to acquire a large-scale development at a favorable price in an area with
    limited rental inventory and high rental rates.
  • Centrally located and near major roadways, offering excellent access for the area’s
    workforce.
  • The property backed onto mature woodlands, offering scenic views.
  • Recognized upside opportunity through re-working condominiums into
    apartments.

How we added value:

  • Meticulously planned the building architecture to maximize views of mature
    woods and natural setting.
  • Provided upgraded interior features including 9 foot ceilings, granite countertops,
    updated appliances and professionally-curated finishes.
  • Developed amenity complex featuring community clubhouse, fitness center, and
    pond front pool.
  • Navigated the entitlement process to convert condos to rental apartments.
  • Leveraged our operational expertise to rapidly lease the property and maintain
    excellent resident satisfaction and retention rates.

Result:

  • Stabilized the asset within 3 months of completion, it has been consistently fully-
    occupied ever since.
  • Completed permanent financing, returning a significant portion of our initial
    investment.
Jack Lingo Asset Management

246 Rehoboth Ave

Rehoboth Beach, DE 19971

Main: 302-226-6645

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