Flywheel is excited to announce the acquisition of Morris Manor in Greensboro NC! This 51-unit property represents our largest property to date and will be a complete repositioning with tons of forced appreciation and a three to five year exit.
Greensboro is the largest city in the Triad area of NC, neighboring Winston-Salem and High Point. One of many growing metros benefitting from North Carolina’s positive net population migration trend, its average 1br rent of $770 makes it still one of the most affordable areas. We believe affordable, low-density, and economically diversified areas like Greensboro will continue to benefit from post-COVID demographic trends and make for an ideal investment environment.
We will continue to update you on Morris Manor as we assume ownership and begin renovations and repositioning.
Our Next Acquisition
So what’s next for Flywheel Equity? With 80 units under management already, we will be looking for a property around 100 units for our next acquisition. This will let us take advantage of increased economies of scale and higher caliber property management. We will always be open to smaller properties that are great opportunities, but have this larger property size as our next target.
If you’re interested in investing in a deal like this it’s important you let me know! All of our investments have been fully funded before opening to the public. Please schedule an intro call or email me so I can put you on the initial contact list.
We completed our first full turn in our 12-unit property in Mebane, NC. We installed new flooring, repainted walls and cabinets, installed new appliances, and renovated the bathroom with new vanity, tub, toilet, and tile work. Here are the before and after photos of the turned unit:
This particular unit was rented in about a week at $150/mo over the previous rent, inline with our business plan and once again showing the value in providing a clean and safe home environment for tenants – even during the challenging economic times of COVID.
Our Saddlebrook apartments in Fayetteville continue to perform well, requiring minimal investment to reach above proforma rents for Y1. We do have an eviction underway, which will be interesting to see resolved in this time of uncertain eviction rules.
On the Socials
We use these platforms to share daily insights into multifamily investing ranging from multifamily news to real estate lessons learned. It is also where we update our followers on Flywheel Equity happenings in real-time.