Investment Firm Surpasses Purchase of 525 Multifamily Units
Raleigh, NC – May 18, 2023 – DeVanDylan Capital Partners LLC (DVD), a value-add multifamily investor and operator focused on assets in the Southeast region, acquired the Willow Park Apartments complex in Forest Park, GA for $10.3 million ($95,000 per door), continuing to build a multifamily portfolio and marking the 525th unit purchased by the emerging firm. Steve P. Morrows, DVD’s Founder and Chief Executive, made the announcement.
“We are thrilled to add Willow Park Apartments to our portfolio, and immediately begin our trademark repositioning, rebranding, capital improvement and asset management campaigns to bring the hidden value of the asset to light and deliver highly improved housing for our residents and the community while at the same time providing excellent Investor return on investment,” Mr. Morrows said. “This transaction, in line with our growing track-record, represents an opportunity to take a hands-on approach to enhancing this property through meticulous asset management, data-driven leasing strategies and thoughtful physical re-envisioning of the apartment complex.”
Located at 1466 Rockcut Road, the charming Willow Creek complex is comprised of 108 units in 14 buildings on approximately 10 acres of park-like property just south of Atlanta and only three miles from Atlanta’s Hartsfield Jackson International Airport (the busiest airport in the world). Area demographics indicate strong and growing demand for workforce housing in this region, with great need for quality rental housing for families desiring a safe environment and excellent outdoor amenities.
DVD has completed 11 multifamily acquisitions in the last seven years with a combined estimated market value of over $50 million.
“With a very conservative and disciplined approach, we have a talent for acquiring multifamily properties that are undervalued and under-managed, then making smart capital investments in meaningful improvements – polishing these gems – to bring them back to the market with new life,” Mr. Morrows said. “In the case of Willow Park, we are starting with a Class-C property with quality construction in an excellent location and transforming the complex into a solid Class-B property.”
Mr. Morrows said DVD will create a stand-out community by investing in a comprehensive exterior renovation, including roof, façade and parking lot replacement, interior renovations, upgraded security systems and community amenities. In addition, DVD will tap Strategic Management Partners for property management.
Steve Morrows brings almost four decades of real estate investment, leasing, management, brokerage, and accounting experience to his role at DVD. His first 30 years as a professional were spent in senior executive roles on the teams of a number of New York’s most famous real estate investors and developers, including, RFR Realty (Aby Rosen), Rockrose Development Corp. (Henry Elghanayan) and Heitman/JMB Realty. Mr. Morrows is credited with successfully driving leasing for Class A New York Office buildings totaling more than 15 million square feet, and was a trusted steward for trophy properties such as the Seagram Building, Lever House, Carnegie Hall Tower, 17 State Street, 1211 Avenue of the Americas and numerous other buildings. Transitioning to multifamily investor with DVD in 2015, Mr. Morrows deploys many of the hands-on strategies from his earlier career to deliver outstanding results for his tenants and investors.
About DeVanDylan Capital Partners
DeVanDylan Capital (DVD) is an emerging value-add multifamily investor and operator focused on assets in the Southeast region. DVD was founded in 2015 by Steve P. Morrows, one of the commercial real estate industry’s most accomplished veteran brokers-turned-principal. DVD has completed 11 acquisitions valued at more than $50 Million to date and established a track record for identifying and securing undervalued opportunities, applying hands-on asset management and meticulous property management to create excellent returns for investors in tandem with outstanding properties for its residents. For more information, please visit www.dvdcapitalpartners.com or write to stevem@dvdcapitalpartners.com.
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