WINDWARD FOREST II
Windward Forest II was an off-market transaction that "found" SDM. The seller had some unfortunate events in a short time that caused the property to be 65% vacant. The situation was reminiscent of 2010-2012. A repositioning and lease-up started right after closing.
Windward Forest II went under a complete repositioning with a new 20-year roof, all new HVAC equipment, new bathrooms and common area, and extensive new landscaping. The property, as of February, 2017, was on the verge of being 100% leased at rental rate well above underwriting.
Purchase Price: $2,000,000 in November, 2015
Exit: $5,100,000 in July, 2017
34.1% IRR, 1.64x Multiple
Capital Partners: High Net Worth Individuals and the Bank of North Georgia
-33,012 SF One-Story Office
-165 Parking spaces