Westlawn Apartment Homes

At the end of January 2021 our investment group acquired Woodstream apartments located in Fayetteville NC.  Woodstream is a 202 door garden style complex, of 70’s vintage.  On takeover we were tasked with finding a local property management group to handle the day to day operations of our complex.  After many interviews with different management groups the choice was easy.  Sweetwater was a perfect fit!

Our task list and timelines we requested were aggressive.  We purchased an asset that had 35 down units that needed various levels of renovations, and we needed them back online FAST.  Sweetwater handled all facets of renovation flawlessly.  To date all 35 units are up and running and turns on lease expirations are seamless.

We acquired the property with 83% occupancy (very poorly screened tenants) and the inability to evict due to the pandemic.  Sweetwater navigated through the muddy waters and turned around the complex by bringing in a much better clientele.  Sweetwater also found windows of opportunities to evict tenants when openings were available due to moratoriums.  They have been very proactive and knowledgeable to know when they can and can’t do things which lead to our asset being stabilized at 95%.  During all this they rebranded and remarketed the complex to be called Keystone.

As a result of all hard work of the Sweetwater team, Keystone was named most improved complex in our local market.  On acquisition our goal on this asset was a 3-5-year hold.  The rapid turnaround in loss to lease, vacancy, renovations, community improvements, and proper complex management and teammates in place allowed us to take Keystone to market in less than a year, with a massive upside!

I have nothing but high praise for Catina and the team that surrounds her!  My only hope is that we will find an asset locally so we can work together again in the near future.