by Jenn LoConte
DLP Property Management continues to expand its’ Class B & C multifamily properties, creating even greater Investment opportunities for our DLP Capital Partners family of Investors. PROSPER Azalea City, formerly known as Arbor Trace Apartments, is a 300-unit apartment lifestyle community located in Valdosta, GA. PROSPER Azalea City is owned in part by the DLP Preferred Returns Equity Fund, LLC, marking it the first acquisition of the DLP “PREF” (Preferred Returns Equity Fund).
PROSPER Azalea City is close to shopping and restaurants and is easily accessible to highways and major thoroughfares connecting Valdosta to Macon, Atlanta, and Jacksonville, FL. DLP will offer a preferred employer program with Moody Air Force Base, Valdosta State University, and South Georgia Medical Center. Amenities include a swimming pool, resident clubhouse, fitness center, and business center. Updates will include 20 fully-renovated units, significant exterior improvements including siding, parking lots and sidewalks, and landscape improvements.
Don Wenner, CEO DLP Dream Live Prosper commented, “The purchase of 300 apartments in Valdosta GA was the prototype for the ideal acquisition for DLP. It is the perfect size community, thriving tertiary market, solid B class asset, and purchased at just $37,000 per apartment due to its’ distressed condition, (owned by a loan servicer and the auction format purchase which required a $1,000,00+ deposit within 24 hours with the requirement of closing in under 30 days.) We have already hired an excellent new management team and we are very excited to welcome what will soon be called “Prosper Azalea City” to DLP’s growing portfolio.”