The Lamar is a 1920’s historic building in downtown Macon, GA that was gutted, renovated from top to bottom and turned into luxury lofts. We sourced this deal through a creative financing strategy that allowed us to purchase the asset at a 7% cap which for a Class A downtown asset, is unheard of.
We are utilizing our specialist design team to significantly upgrade the aesthetics to meet the demands of young professionals. In addition to this, we have added new amenities to create value and implemented professional management. The asset is a generational asset that we’re excited to own for years to come.
Downtown Macon is seeing a steady increase in property values. Macon is a city of diverse cultures, beautiful architecture, exciting music heritage, thriving arts, and educational opportunities. It has consistently attracted curious residents who are drawn by its history and unique feel, attracting a sizeable number of tourists yearly. The Lamar provides significantly high yield for our investors producing an 8% cash on cash return from day 1 of owning the asset and has continued to grow from there. Our estimate is we created 150% return on equity at the closing table.