January 29, 2020
Integrated private investment platform Penn Capital has acquired the former GuestHouse Suites in Huntsville, AL, as part of a $27 million, three-property redevelopment portfolio.
The two-story, 88-unit community is located at 4020 Independence Dr. and consists of 66 studios and 22 two-bedroom/two-bath apartments. Penn plans to invest $5 million to redevelop the property with major interior and exterior renovations. Additionally, a new amenity package will include a swimming pool, enclosed parking, an outdoor kitchen and a dog park. Capital improvements are also planned for renovating the community center and leasing office.
In 2019, Penn acquired two adjacent multifamily properties totaling 458 apartments along University Drive. The latest acquisition has created an approximately 45-acre super block portfolio, consisting of 546 apartments. Penn plans to inject new capital to transform all three properties into a dynamic neighborhood.
“The properties we acquired make up a significant portion of the surrounding community,” said Percy Nikora, president at Penn Capital. “By investing $15 million in new construction upgrades, coupled with professional property management, we expect to improve the quality of life in the neighborhood and transform it into a great place to live and work.”
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