Now Raising · Albany, Georgia · Under Contract
509 North
A 252-unit multifamily acquisition on Albany's North Westover Boulevard, bought at $67,460 per unit with assumable fixed-rate Fannie Mae debt and no new supply in the market.
20%
Projected LP Net IRR
2.00x
Projected Equity Multiple
4-Year
Target Hold
$50K
Minimum investment
Projected returns are not guaranteed. Past performance does not predict future results. Capital at risk. Illiquid investment. Accredited investors only. Any offer is made solely through the offering documents. Background: illustrative drone footage.
Limited Partner Economics
Projected Returns
509 N Westover Blvd, Albany, GA 31707
20%
Projected LP Net IRR
2.00x
Projected Equity Multiple
4-Year
Target Hold
252
Apartment units
$17.0M
Purchase price
$67,460
Per unit
29%
Below 2025 appraisal
Projections from the offering materials, subject to due diligence. 6.0% preferred return paid current, quarterly or monthly; 70% LP / 30% GP above the preferred return. Projected returns are not guaranteed. Past performance does not predict future results. Capital at risk. Illiquid investment. Accredited investors only. Any offer is made solely through the offering documents.
No New Supply
0
multifamily units are under construction in Albany.
Delivered cost is roughly $150,000 per unit against $872 market rent, so new supply is not economic and none has been attempted. Construction lead time exceeds our four-year hold.
Limited new deliveries help protect the asset during the hold.
Investment Thesis
Why 509 North
A discounted basis, locked-in debt and a supply-protected market, with clear operational upside.
Basis Below Replacement Cost
$67,460 per unit against a delivered cost of roughly $150,000 per unit to build new in this submarket.
Below Every Comparable Trade
23% under the $88,098 per-unit average of nine Georgia comparable sales, and 29% below the property's 2025 appraisal of $24.0M.
Assumable Fixed-Rate Debt
$15.1M Fannie Mae loan at 5.66% fixed through June 2031. No refinancing event and no rate exposure during the hold.
Operational Value-Add
Restore the amenity program, add in-unit laundry at turnover, and close the $22 to $59 per-unit rent gap to the competitive set.
The Property
Inside 509 North
93% of units already carry the current renovation package: resurfaced counters, refinished cabinets, black appliances and LVP flooring.
Photos of 509 North from the property's marketing materials.
Property Snapshot
252 Units on 29 Acres
Built in 1985 across 14 three-story buildings in Northwest Albany, on the Westover retail corridor minutes from Albany Mall. Roofs date from 2021, and $5.4M has been invested in the property since 2019.
- Address
- 509 N Westover Blvd, Albany, GA 31707
- Site
- 29.23 acres in Northwest Albany
- Buildings
- 14 three-story buildings
- Rentable area
- 202,804 SF, 805 SF average
- Unit mix
- 140 one-bed, 112 two-bed
- Occupancy at close
- 90%
- Parking
- 378 spaces
- Amenities
- Clubhouse, fitness, pools, tennis
Business Plan
Four Steps Over Four Years
- 01
Months 0–3
Assume and Close
Assume the Fannie Mae loan at 5.66% and install third-party management at closing.
- 02
Months 1–12
Restore and Stabilize
Reinstate both pool complexes, the fitness center and clubhouse to lift occupancy and renewals.
- 03
Months 6–30
Install and Price
Add in-unit laundry at turnover, starting with the 84 two-bed, two-bath units, priced as a premium tier.
- 04
Months 42–48
Exit
Sell the stabilized asset at the end of the four-year hold.
Run the Numbers
See What Your Investment Could Look Like
Drag the slider to see the 6% preferred return and the projected 2.00x equity multiple on your allocation.
If you invest
$250,000
Drag to adjust · $50,000 minimum
$15,000
Annual preferred return (6%)
$1,250
Per month, if paid monthly
$500,000
Projected total at 2.00x
Hypothetical illustration using the offering's 6% preferred return and 2.00x projected equity multiple over a 4-year hold. Bars show cumulative cash returned. Actual distributions and returns will vary and are not guaranteed.
Principal Risks
What Could Go Wrong
Every investment carries risk, including the possible loss of capital. These are the principal risks the offering materials identify, and how the plan addresses them.
Debt Service Coverage
Year 1 DSCR of 1.20x is the tightest point in the hold, rising to 1.32x by year four. Six months of interest reserve is funded at close.
Loan Assumption Approval
Fannie Mae must approve the transfer. The purchase agreement makes assumption a condition, with the deposit returned if it is not approved.
Exit Cap Rate
Returns are sensitive to the exit cap rate. A higher cap rate at sale than underwritten would reduce LP returns.
Market Demographics
Dougherty County population declined about 3.7% from 2020 to 2025. The underwriting assumes no market rent growth.
Rent Premium Execution
The in-unit laundry premium is tested on a 20-unit priced pilot before the rest of the capital is released.
Operational Turnaround
Occupancy is 90% against a 93% submarket norm. Institutional third-party management is engaged at close and amenity restoration is funded.
Summary of Terms
Structured for Current Income
$3,775,918 of limited partner equity alongside the assumed $15.1M Fannie Mae loan, for $18,886,377 in total capitalization. Equity commitments are due by November 1, 2026; allocations are filled first come, first served.
Purchase Price
$17.0M
$67,460 per unit
Units
252
Built 1985, 14 three-story buildings
Preferred Return
6.0%
Paid current, quarterly or monthly
Split Above Pref
70 / 30
70% LP, 30% GP
Assumed Debt
5.66%
$15.1M Fannie Mae, fixed to June 2031
Minimum Investment
$50,000
Accredited investors only
Projected returns are not guaranteed. Past performance does not predict future results. Capital at risk. Illiquid investment. Accredited investors only. Any offer is made solely through the offering documents.
Why Albany
Southwest Georgia's Hub
Recession-resistant anchor employers, a low cost of living, and a market where new construction doesn't pencil.
Phoebe Putney Health System
The region's largest employer, with 3,500 jobs and a $1.7B+ regional impact.
Marine Corps Logistics Base Albany
3,000+ employees and a $1.5B+ economic impact.
Major Manufacturers
Plants run by Procter & Gamble, Mars Wrigley, Molson Coors and Georgia-Pacific.
Affluent Northwest Corridor
509 North sits in Albany's northwest corridor, on the North Westover Boulevard retail corridor near Albany Mall.
Partner Track Record
$3B+
Transaction experience across our partners
21% IRR
Partners' multifamily track record
18% IRR
Partners' industrial track record
Hands-On
Asset management
These figures reflect some deals our partners completed before founding Wappler Capital, including at prior firms. Past performance doesn't guarantee future results.
Build Wealth With Real Assets
Secure Your Allocation in 509 North
Equity commitments are due by November 1, 2026. Schedule a call with Weston Wappler to review the offering documents.