Case Studies: Enso



ENSO:  ATLANTA,  GEORGIA

enso

THE  OPPORTUNITY

  • Enso, a 330 unit, midrise luxury urban community was developed in 2009. The mixed-use, Class AA, LEED Certified Gold development features over 308,000 sf. of rentable residential space.
  • The property is located directly on the corridor of the Atlanta Beltline – a $2.8 billion redevelopment providing a network of public parks, multi-use trails and transit.
  • Our Partners: Regions Bank & J.P. Morgan

OUR PERFORMANCE

Atlanta was hit hard by the recession and the development pipeline slowed to a near halt in 2009 and 2010.  Recognizing the imminent significance of supply­-side dearth caused by  the  scarcity  of  anticipated  apartment  starts  in  2010  and  2011, Enso  was  significant because it represented the only start in in its sub­market in the three year recovery period (2009 – 2011).

  • The asset was designed to feature the most contemporary, green­-minded, and desirable property amenities.
  • Enso was completed in 2009.

THE  BOTTOM  LINE

Enso’s development costs totaled $40.5 MM and held for four years.  It was sold in 2011 for $45.75 MM.  The sale yielded an approximate deal­level IRR of 17% and approximate multiple of 1.7.