Morgan Manor

Morgan Manor

Decatur, AL

Address: 3526 Hwy 31 S. Decatur, AL 35603

Land: 355,450 square feet (8.160 acres)

Units: 82

Square Feet: 102,690 NRA

Buildings/Floors: 15 Buildings / 2 Story

Year Built: 1973

Parking: 183 Spaces

Roof: TPO

Frame: Wood Frame / Brick Facade

Current Occupancy: 92%

Value Proposition:

Wedgewood acquired Morgan Manor at a significant discount to value. The property was severely mismanaged by a local mom and pop operator and in desperate need of capital expenditures. At acquisition we immediately began an expansive value add strategy whereby every unit was renovated, many of which had not been updated since the 1980s. After nearly doubling our basis we sold the property to a California buyer.