Acquired in 2009 and located in one of the fastest growing residential areas in Birmingham, Colony Woods was purchased at only 83% of asking price. Already a stable asset, Core believed the location would continue to have strong economic growth and initiated a capital expenditure program to begin interior and exterior improvements, as well as overhaul amenity offerings for the complex.
By 2010, Colony Woods was recognized as the “Most Improved” property in Birmingham and occupancy has remained at or above 95% since acquisition. Investor distributions began upon purchase of the property and have steadily increased over the course of Core ownership. Net operating income from Colony Woods has increased by 29%.