Our Successes

Our expertise produces great results. See some of our successes.

Moran & Company delivers outstanding results with our value-add assignments because we understand the importance of the road map to value. That road map is as much about the journey as it is the destination—it's about how we define the context, scope opportunity and vision the outcome.

Saint Andrews

Saint Andrews

Saint Andrews has been fully marketed and sold three times since mid-year 2012, with the sale price increasing incrementally by 12%, 32% and 20% respectively. For the 2013 marketing, Moran advised a comprehensive value add strategy, laying out a scope of renovation that included new stainless steel appliances, updated cabinetry, granite countertops, wood-style flooring, and the addition of full-sized washers and dryers.

The Challenge: With an average household income in excess of $145,000, Johns Creek is highly affluent bedroom community with very little rental product. The few rental communities that are in Johns Creek are 1990’s vintage original spec or modestly renovated product. Relying on the strength of area’s outstanding demographics and exceptional public schools, current and prior owners were able to operate the asset with minimal capital improvements. The result was an apartment asset with enormous value-add potential but the challenge was proving the depth of the demand for modern, contemporary rental product in this affluent bedroom community, specifically whether a comprehensive value-add repositioning would ‘price-out’ the existing renter base.

The Solution: In evaluating the renter demographics at Saint Andrews, Moran & Company identified four types of resident: (1) contract workers assigned to the Johns Creek Technology Park who would be in the area for yearly assignments, (2) Baby boomers who have chosen to stay in the area but downsized from a home, (3) divorcees requiring an apartment within the school district, and (4) neighborhood families needing a temporary apartment while renovating their current homes. Recognizing that not only could all four of these demographic types could absorb significant rent increases but in fact each of these demographic groups had a strong preference for a higher-quality rental product, Moran & Company was able to demonstrate the deeply unmet demand in the market. Once investors were fully educated on the impressive area demographics and Johns Creek’s extremely high-barriers-to-entry attitude toward new product, the potential buyers quickly bought into the comprehensive value-add strategy that Moran had proposed.

The Conclusion: The buyer during the 2013 marketing was so successful with the rent increases achieved (average of $230 per unit on approximately 1/3 of the units), that the current owners chose to sell the asset in 2015. The 2015 buyer has completed additional renovations to 1/3 of the units, along with some very compelling landscape improvements and the addition of an outdoor fitness area. The current owner is enjoying per door rent increases of almost $300 on renovated units.

Johns Creek, GA / 228 units

Archstone Cheshire Bridge

Archstone Cheshire Bridge is a 164-unit, premier apartment investment opportunity with unobstructed views of the unique Buckhead skyline.

ACB provides immediate access to I-85 North and GA-400, a five-minute drive time to Buckhead’s retail and financial center, and walkable access to the exciting restaurant and nightlife corridors of Cheshire Bridge and Piedmont Roads.

The property features modern architecture, which can be complemented with a value add strategy through interior unit upgrades (the current black appliances and laminate countertops could be replaced with stainless steel appliances and granite countertops. The asset can be purchased at a favorable basis—relative to current replacement costs—and is being offered free and clear.

Archstone Cheshire Bridge (ACB) is located in ‘Lindmont’, Northeast Atlanta’s hottest submarket for entertainment, and proximate to two of the city’s largest office submarkets: Buckhead and Midtown. Average apartment occupancy within Lindmont is in excess of 95%.

Atlanta, GA / 164 units

The Overlook at Lakemont

The Overlook at Lakemont was an exceptional value add opportunity. It was the perfect blend of location, size, age, product, timing, and opportunity.

The Challenge: Ownership was receiving a modest renovation premium on a handful of test units. The challenge was that there was potential for a much more compelling renovation opportunity and that by pointing to newer mid-rise product in downtown Bellevue, the property could achieve a much deeper renovation premium.

The Solution: Prior to marketing, convinced of the deeper value-add opportunity presented by Moran & Company, ownership completed a deeper renovation on 25 additional units and proved-up renovation premiums in excess of $450 per unit per month. The Moran & Company team was able to educate investors on the tremendous remaining upside by continuing the full unit renovations on all of the units and upgrading the abundant common area amenities. We were able to convey the exceptional location, in the exclusive Bellevue neighborhood of Lakemont, surrounded by multi-million dollar single-family homes and parks, with direct access to I-90. Within easy walking distance to a full-service grocery store, Starbucks, and every day convenience retail, and in the second best school district in the state.

The Conclusion: Through constant communication and guidance, from yield expectation to underwriting, we created a transparent process to keep buyers engaged. We received 125 executed confidentiality agreements, gave 40 tours, and generated 24 offers. After a very competitive best and final process, we negotiated a record sale price for asset type and age within the submarket: $304,600 per unit or $311 per sq. ft. and a 4% in-place cap rate.