Madison on Mercer Apartments – Macon, Georgia

In 2021, we acquired Madison on Mercer Apartments, a 134-unit multifamily property in Macon, Georgia. At the time of purchase, over 50 units were offline due to fire damage. We identified this as a value-add opportunity to revitalize the property, increase cash flow, and significantly raise the property’s overall value.

The Acquisition Process

The decision to purchase Madison on Mercer came after thorough underwriting and analysis of the property’s potential. We projected rent growth and rental income once all units were restored, allowing us to set a capital expenditure budget that aligned with our desired returns. Based on this detailed financial model, we made a competitive offer and were awarded the property due to our extensive planning and track record of successful multifamily investments.

Renovation and Value-Add Strategy

Once the acquisition was finalized, we undertook a comprehensive renovation of the fire-damaged units. We vetted and selected a construction company aligned with our goals to complete the restoration efficiently and on schedule. Securing a bridge loan for construction costs, we began an 18-month project that initially had a 24-month timeline.
Working closely with the city, we ensured that all inspections were completed on time and that certificates of occupancy were issued as each phase was completed. By the end of the renovation, we had completed the project six months ahead of schedule, bringing all 50+ units back online and significantly boosting occupancy.

Property Management and Leasing

During the renovation phase, we partnered with S&P Partners, an Atlanta-based property management firm, to handle the day-to-day operations and marketing of the property. Together, we developed strategies for lead generation, prospecting, and leasing. As the units were completed, our team implemented streamlined processes for tenant acquisition and leasing, which helped us reach an impressive 92% occupancy.

Increasing Cash Flow and Value

With the property now stabilized and occupancy at a high level, we refinanced the property in year three using a CMBS loan at a lower interest rate. This refinancing allowed us to return cash to our investors and further solidified the financial performance of the asset. Our ability to deliver units ahead of schedule, coupled with our efficient management strategy, resulted in increased cash flow and enhanced property value.

The Results

• Project Completion: Finished 6 months ahead of schedule
• Occupancy: Increased to 92%
• Refinancing: Secured a CMBS loan, returning capital to investors
• Investor Returns: Achieved strong cash flow and ROI for investors

Looking Ahead

Now in year four, Madison on Mercer continues to generate consistent cash flow for our investors. We plan to continue optimizing the property’s performance and will explore either an eventual sale or expansion in the coming years. This project stands as a testament to our ability to identify, acquire, and transform value-add properties in a way that benefits both the community and our investors. Madison on Mercer Apartments is not just a successful project—it is an example of how strategic planning, strong partnerships, and efficient execution can create lasting value in the multifamily real estate space.