ANPA Exclusive Replay

Harmony Grove.
ANPA Exclusive.

The full recording and companion notes from the ANPA-exclusive investor presentation on Saturday, June 20, 2026, moderated by Dr. Adebola Giwa. Built by physicians, for physicians. Featuring a deep dive into the Harmony Grove value-add plan, candid downside-protection answers, and ground-level perspective from Dr. Stanley A. Okoro whose practice sits nine minutes from the asset.

📅 Saturday, June 20, 2026 · 12:30 PM ET
75 Units · Marietta, GA
Dr. Kirk A. Campbell · Dr. Stanley A. Okoro · J. Claude Mouaffi · moderated by Dr. Adebola Giwa
Watch the Recording Create Investment Account
AAR 20% Annual Average Return
Tax Savings At least $35,000 Year 1 tax savings (K-1)
Occupancy 97% 5-year floor: 94%
Mortgage Rate 6.25% Fixed, agency loan, 30-yr
ANPA Exclusive · June 20, 2026

Watch the full recording

The complete unedited recording from the ANPA-exclusive session. Dr. Kirk Campbell, Dr. Stanley A. Okoro, and J. Claude Mouaffi walk through the Harmony Grove deal end-to-end, then field a live Q&A from ANPA members on closing timeline, downside protection, unit mix, fractional ownership, stress tests, and how to invest through a retirement account. ANPA President-Elect Dr. 'Lanre Y. Jimoh shares closing remarks.

Your Hosts

Brought to you by Mila Penn Chazak

Dr. Kirk A. Campbell
Dr. Kirk A. Campbell
Founding Principal
Rosanmi Campbell
Rosanmi Campbell
Founding Principal
J. Claude Mouaffi
J. Claude Mouaffi
Founding Principal
Dr. Stanley A. Okoro
Dr. Stanley A. Okoro
Co-Principal · Enhance Holdings
Deal Partners
Strategic Partners

Our strategic partners at XSITE Capital bring institutional multifamily expertise and a track record of disciplined operations across the Southeast.

Dr. Julius Oni
Dr. Julius Oni
XSITE Capital
Leslie Awasom
Leslie Awasom
XSITE Capital
Tenny Tolofari
Tenny Tolofari
XSITE Capital
$7.75M
Purchase Price
$103K
Per Door
$141K
Sub-Market Comp Avg
2x
Target Equity Multiple
Why This Deal Pencils

Four reasons the team loves this deal

01
Resilient through downturns
Occupancy has not fallen below 94% over the past 5 years a period that included COVID and a high-inflation cycle. In the 2008 downturn, apartment rents actually grew as displaced single-family owners moved into multifamily; 2020 produced the highest rent growth of the last decade after the initial shock.
02
Built-in equity at acquisition
Entry basis is $103,000 per door. Trailing 6-month sub-market comps average $141,000 per door; the most recent 1964-vintage sale traded at $155,000 per door, and replacement cost alone is approximately $200,000 per door. The team makes its money on the buy.
03
Supply-constrained Cobb County
Zero new construction over the next 8 quarters within the sub-market alongside strong job and population growth. Lockheed Martin ($4.5B in annual economic activity), the Battery Atlanta ($18B), Home Depot HQ, Truist, and 80,000 jobs at Cumberland Galleria sit minutes away.
04
Cash flows from day one
97% occupied today with a 76% year-1 break-even occupancy that falls to ~68% as operations stabilize. This is not a turnaround story it is a value-add layered onto an already healthy income stream, financed with a fixed 6.25% agency loan at ~70% LTV.
Property Details

The asset, by the numbers

Asset Snapshot

PropertyHarmony Grove Apartments
LocationMarietta, GA Cobb County
Total Units75
Unit Mix~53% 2-bed, ~30% 1-bed, ~16% studio
Condition100% classic / unrenovated
Occupancy97% (5-year floor: 94%)
Distance from Atlanta15 minutes

Capital Stack & Debt

Loan TypeFixed-rate agency (Fannie Mae / Freddie Mac)
Mortgage Rate6.25% fixed (5-year term)
Amortization30 years
Loan-to-Value~70%
Renovation Budget~$1.0M + 10–15% contingency
Working Capital Reserve~$155,000
Minimum LP Investment$100,000

Rent Strategy

MetricValue
Current Average Rent$1,092
Today's Market Rent (Comparable Properties)$1,435
Rent Premium per Renovated Unit~+$175/month
Washer/Dryer Rental Program (per unit)~+$50–$55/month
Existing Manager's Planned Renewal Increase~+$75/unit at lease renewal
Renovation Scope~50% of units at ~$12,000 per unit
New Revenue Streams (Other Income)Trash fee (~$28/mo), pest control (~$5/mo)

Exit Sensitivity (5-Year Sale)

ScenarioSale PriceAnnual IRRCap Rate
Base Case~$13.59M~20%Holds at 5.6%
Best Case~$14.36M~23%Compresses
Worst Case~$12.68M~16.86%Expands
Physical Due Diligence

What we found on site

The team and their general contractor opened every door, turned on every faucet, looked at every electrical panel. Here is what the inspection produced and how the renovation budget already accounts for it.

01
Roofs in solid shape across 9 buildings
Newest roof is 2 years old; oldest is 5 years old. Across all 9 buildings on the property, the roofing was assessed and is expected to hold through the 5-year business plan.
02
HVAC already replaced by the seller
The current owner replaced the HVAC systems prior to sale a meaningful capital item the buyer does not need to underwrite again.
03
Electrical & plumbing already budgeted
No surprises. The renovation plan was built around bringing electrical and plumbing up to current standards. The general contractor quoted the scope on-site at a number consistent with the team's underwriting.
04
Healthy contingency on top
10–15% contingency inside the $1M renovation budget, plus ~$155,000 of working capital reserves in the bank. Under-promise, over-deliver: unused contingency is returned.
Investment Structure

Class A vs Class B

Two investment classes accommodate different goals. Class A is for investors prioritizing cash flow today; Class B is for investors prioritizing wealth growth over the 5-year hold.

Class A Class B
Preferred Return 11% / year 7% / year
Priority of Cash Distributions Priority paid before Class B Behind Class A
Share of Profits at Sale Not entitled to upside 70% of profits
Target Annual Rate of Return ~11% ~20%
Equity Multiple (5-yr hold) Capital preservation + yield ~2x ($100K to ~$201,781)
Best For Cash flow today Long-term capital appreciation

Sample 5-Year Pathway for $100,000 in Class B

Year 1 distributions are modest (~$2,300) because renovation is capital-intensive; year 2 steps to ~$4,700. Beginning in year 3, distributions reach the full $7,000 and begin catching up on the deferred amounts from years 1 and 2. At sale (~year 5), Class B receives its split of the profit. Total projected outcome: approximately $201,781 doubling the original $100,000, before adding the year-1 K-1 tax benefit of approximately $35,000.

Renovation Roadmap

Phased to protect occupancy

The renovation is sequenced to protect occupancy and tenant goodwill while creating visible value at the asset. Exteriors first, interiors second residents feel the upgrade before any rent conversation arrives.

Month 1–2
Onboarding and baseline. Lease-up disciplines installed, vendor onboarding, due diligence baseline established. New ancillary income streams (trash, pest, parking) introduced.
Month 3
Exterior renovation begins. Fence repair, fresh paint, curb appeal, playground refresh, and the new clubhouse / BBQ-picnic area. Residents see value before any rent letter arrives.
Month 9
Interior renovations begin. Kitchens, baths, countertops, cabinets, stainless appliances, in-unit washer/dryer where applicable. ~3 units renovated at a time; ~1 month downtime per unit.
Two strategies
Tenant moves out at lease end unit renovated, full +$175 rent premium captured. Tenant stays offered an already-renovated unit to move into, then their previous unit is renovated. Either way, the renovation gets done.
Break-even
Year-1 break-even occupancy: ~76% well below the 94% five-year occupancy floor. As operations stabilize, break-even falls to approximately 68%.
Year 3 rent
Average effective rent year 3: ~$1,424 still below today's market rent of $1,435. The underwriting is intentionally conservative.
Live Q&A · June 20, 2026 (ANPA)

Every question. Every answer.

Every question fielded during the live session, restructured for clarity. Where multiple panelists answered, their contributions are stacked in the order they were given.

When is the closing date for this property?
Asked by Kingsley Agbeyegbe
Dr. Kirk Campbell
"We are hoping to wrap up this raise at the end of this month and close by the middle of July. We are really excited about this opportunity. The rents are coming in stronger than what we underwrote, and we want to be in operational control as soon as possible to capture that lift."
Sounds really good. What could go wrong?
Asked by Fola Oluwehinmi
Dr. Kirk Campbell
"That is a wonderful question, and it is the question I asked when I first started investing. We start with the end in mind. Our entry basis is already covered: $103,000 per unit when the market is $141 to $155. Population could stop moving to Atlanta, but Atlanta is growing rapidly. New construction could come in and stall rents, but the submarket has zero new builds within three miles. Even if no one moves out and we cannot renovate the 50% of units we planned, when residents sign a new lease we are still raising rents at least $75/unit on average. So we spend zero to capture $75 instead of $12,000 to capture $175. We also have operational efficiencies layered in: the current seller does not charge $28/month for trash or $5/month for pest control, both standard. We will. Plus the parking and washer-dryer programs. We have downside protection, contingencies, and working capital built in. We have accounted for the classic ways things go wrong."
Dr. Stanley A. Okoro
"It's about a nine-minute drive from my office. Great location. There are not that many assets left in Atlanta, they don't make land anymore. To my surprise, they have already increased the rent to where we thought it would be in two years without doing anything. Which means we can go higher."
I joined late. What type of apartment is it? How are interests shared among investors?
Asked by Folashade Jose
Dr. Kirk Campbell
"It is a 75-unit multifamily property in Marietta, Georgia. The unit mix is roughly 53% two-bedrooms, the remainder split between one-bedrooms and studios (about 16% studios). On investor economics: there are two classes. Class A is a straight 11% preferred return with no profit split, designed for investors who want predictable cash flow. Class B is a 7% preferred return plus a share of the upside on the sale, designed for investors who want their capital to grow alongside the cash flow. In Class B, some of the preferred return is held back in years 1 and 2 (the renovation is capital-intensive) and pays out in years 3, 4, and 5 along with the upside at exit. The minimum investment is $100,000 in either class."
Is there opportunity for fractional ownership? If all I have for investable funds right now is $50K?
Asked by Fola Oluwehinmi
Dr. Adebola Giwa (moderator)
"The minimum is $100K, but there is precedent for pooling. Reach out to the team if you want to explore fractional. Sometimes a group of investors put their capital together to participate."
Dr. Stanley A. Okoro
"Dr. Cliff Eke and I did some investments together earlier on when we could not invest the full amount individually, so we put our money together. There are always opportunities to be a part of this. I was very hesitant a few years ago when I started doing this. Now this is my sixth deal."
Do you have slides showing a stress test of the asset?
Asked by Joel Onafowokan
Dr. Kirk Campbell
"Yes. The full stress-test page is in our deck and is available on request. The headline: the current Atlanta market cap rate is about 5.5%, and we deliberately underwrote at 5.6% to stay conservative. The CoStar 5-year forecast shows cap rate compression to roughly 5.3%. Our worst-case scenario, with no compression at all, still sells the property for $12.6 million and delivers approximately a 16.86% annual rate of return. That is the floor, and it still far outpaces the long-run stock market average of ~7%."
How do people invest from their 401(k) or 403(b) without penalties, taxes, or increasing tax liability?
Asked by Dr. Ekuase Sanusi
Dr. Kirk Campbell
"The instrument is a self-directed IRA. If you have an old IRA or roll over an old 401(k), you can pick a custodian that allows alternative-asset investing (multifamily real estate, syndications, private deals). The transfer itself is tax-free as long as it stays inside the IRA wrapper. Distributions from the investment then accumulate inside the retirement account. The vast majority of our investors use cash, but a growing subset uses a self-directed IRA. After the session, Kirk shared a Healio article walking physicians through the full structure: Integrating multifamily real estate syndications into a physician's financial portfolio."
Operating Wisdom

Lessons from the partnership

On Mindset
  • Let your money work harder than you do, in a more tax-advantaged manner.
  • You build wealth passively even an old 401(k) can earn more than the stock market over a 5-year hold.
  • Real estate is one of the oldest, most reliable engines of generational wealth.
On Risk & Underwriting
  • You make your money on the buy entry basis at $103K/door versus $141K comp avg and $155K most-recent sale.
  • Be conservative. Out of 120+ deals evaluated, only two checked every box.
  • Don't over-leverage. Fixed-rate agency loan, ~70% LTV.
  • Contingencies on top of contingencies 10–15% inside a $1M renovation budget.
On Operations
  • Lease up with a property manager already running comparable plans in the market.
  • Phase exteriors before interiors so residents feel value first.
  • Listen to on-site staff and tenants they tell you what residents will pay for.
  • Capture every ancillary income stream the current owner has left on the table.
On Resilience & Trust
  • Multifamily is a basic human need and historically grew rent through downturns.
  • Walk the building open every door, turn on every faucet, look at every panel.
  • Get the general contractor on site during DD; not after.
  • Real estate is a team sport surround yourself with operators who have done it before.
Direct from the Webinar

Lines worth remembering

"I did not cross the ocean to put my money in a savings account."
Dr. Stanley A. Okoro
"To my surprise, I was actually shocked that they had increased the rent to where we thought it would be in two years, without doing anything. Which means we can go higher."
Dr. Stanley A. Okoro
"In my day job, I exchange time for money at a very, very high rate. But in the end, I am still exchanging time for money. Real estate gives me cash flow. The world's wealthiest families say you have to have at minimum seven to ten different streams of income coming in."
Dr. Kirk Campbell
"It has to pass my mother's retirement account test. Every deal that I present to people, I have to be, if not the largest investor, amongst the largest investors. If I screw that one up, she carries a big stick."
Dr. Kirk Campbell
"This has been a great presentation. Most of us are accredited investors, we have done several deals like this. Dr. Okoro is part of this team, which should give some level of confidence and credibility. To our members: please pay your dues, support the cause, take advantage of this opportunity."
Dr. 'Lanre Y. Jimoh , ANPA President-Elect
"We have to make our money work for us as hard as we did to make it. Having some sort of passive investment, particularly in real estate, is a very, very common way that the wealthiest people make their money."
Dr. Adebola Giwa , moderator
Single-Page Summary

Investment cheat sheet

The Asset
PropertyHarmony Grove Apts
LocationMarietta, GA
Units75 across 9 bldgs
Condition100% unrenovated
Occupancy97% (floor: 94%)
New leases$1,450 (above $1,424 UW)
The Deal
Purchase Price$7.75M
Per Door$103,000
6-Mo Comp Avg$141,000/unit
Mortgage Rate6.25% fixed
LTV~70%
Investor Economics
Min Investment$100,000
Class A Pref11%/yr (cash flow)
Class B Pref7%/yr + 70% profits
Target IRR~20% (Class B)
Year-1 K-1 Loss~$35,000
Closing the Session

Appreciation received

Fola Oluwehinmi
"Fantastic hour, thank you ANPA and the team. Looking forward to receiving the slides for a deeper dive. Cheers!"
Dr. Cliff Eke
"Thank you for all you guys are doing."
Dr. 'Lanre Y. Jimoh , ANPA President-Elect
"Special thanks to Dr. Campbell and the Harmony Grove team. This is part of the value we have built at ANPA for our members. I hope you take advantage of this opportunity."
Dr. Adebola Giwa , moderator
"Thank you all for joining and investing your Saturday with us. From ANPA, the ANPA Foundation, and the Mila Penn Chazak Investment Group, enjoy the rest of your Saturday."
Dr. Stanley A. Okoro
"If anyone has questions about this, I am always available. There are always opportunities to be part of this. This is my sixth deal."
Dr. Kirk Campbell
"Thank you so much for taking time out of your extremely busy schedules on this beautiful Saturday. As physicians, we train for a very long time on how to take care of people, but financial education is not taught in medical school. Take full control of your financial future."
J. Claude Mouaffi
"Thank you to everyone here today. We appreciate the opportunity to present this. Our team is available for any additional questions and ready to walk you through the process."
Mila Penn Chazak
"Looking forward to seeing you all be partners in this asset."
Next Steps

Ready to move forward?

The cash flow portal has the offering documents, the due diligence video, and the soft commitment form. Book a call with Dr. Campbell if you want to walk through any assumption line by line.

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