Webinar 4 Recording

Harmony Grove.
Fourth Webinar.

The full recording and companion notes from the fourth live investor presentation on June 8, 2026. New this session: rents are already landing above our underwritten Year-3 target before a single renovation, a special welcome to the ANPA network, and a candid endorsement from Dr. Stanley A. Okoro, who lives nine minutes from the asset.

📅 June 8, 2026
75 Units · Marietta, GA
Kirk, Claude, Leah, Anita, Fedna · with Dr. Okoro
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
Fourth Investor Webinar · June 8, 2026

Watch the full recording

The complete unedited recording. Kirk, Claude, Leah, Anita, Fedna, and Dr. Okoro share what is new with Harmony Grove since the last session, walk through the deal and the momentum the property is already showing, then field a live Q&A on closing timeline, the next steps for new investors, and how the team manages occupancy through renovations.

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 8, 2026

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 are you aiming to close on the property?
Asked by Yemi Ajayi
Dr. Kirk Campbell
"Our general partnership team is heavily invested in this. This is a rather small equity raise. We anticipate this deal, similar to all of our other deals, will be oversubscribed. I do not foresee an equity gap here, especially with this opportunity. With all of the new data points coming in, where the deal is already outperforming our projections before we have even fully closed, it doesn't get any better than that."
J. Claude Mouaffi
"To add to that, the last deal we closed in February was a much larger raise and was oversubscribed. This one is going to go even faster."
What is the timeframe or deadline for this investment? How often do new acquisition opportunities come around?
Asked by Omar Danner
Fedna Morency
"Great question. People often wait for opportunities, but you have to create opportunities. When the opportunity is here, the numbers are aligned, and the vision is aligned, you go in. We hold ourselves to a strict acquisition discipline. The deals that pass our screen are rare, and this one passed."
Dr. Stanley A. Okoro
"This asset is about nine minutes from my office. I drive by it on Windy Hill. The area is blowing up. Atlanta is now the sixth-largest metropolitan area in the U.S., and there is a housing shortage here. There are no new assets being built in this submarket. Close to the highway, close to everything. I'm all in."
What are the next steps if one is interested?
Asked by Yemi Ajayi
Dr. Kirk Campbell
"Head to milapennchazak.com/harmonygrove or open an investor account at the Mila Penn Capital portal. From there you can review the full offering memorandum and submit your soft commit. If you would prefer a one-on-one conversation first, just reply to any of our emails or reach out directly and we will set up a call."
What happens if you are not able to raise enough funds from limited partners? How do you close that gap?
Asked by Yemi Ajayi
Dr. Kirk Campbell
"Our general partnership team is heavily invested in this deal directly. We have a history of oversubscribed raises. Our February acquisition closed oversubscribed with a much larger raise than this one. With the operational data already validating the underwriting, we do not foresee an equity gap. If one ever materialized, our GP capital and the network around us would close it."
How will occupancy be managed during renovations? Are you concerned about pricing current tenants out of the market?
Asked by Lenette Adams-Wallace
Anita
"We are forcing this appreciation. We are doing the work, and it is not heavy lifting on the resident experience. The renovation plan is phased so we are not turning over the entire property at once. Residents who are paying market or near-market and are good fits stay through their renewal."
Fedna Morency
"By the time we finish the renovation and add the rent premium, we will still be below market. If anything, more people will want to move into this particular spot because of the rate of the rent compared to the rest of the area."
Will you share the presentation deck for review and consideration?
Asked by Lenette Adams-Wallace
Mila Penn Chazak Team
"Yes. The full investor package, including the deck, financial model, and offering memorandum, is available on request. Reply to your registration email or reach out at invest@milapennchazak.com and we will get it over to you the same day."
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

"We haven't even fully closed and the deal is already outperforming our projections. It doesn't get any better than that."
Dr. Kirk Campbell
"I'm all in. I don't normally say much on these webinars because I'm a very shy guy. But I'm all in."
Dr. Stanley A. Okoro
"Together, we are basically buying a business. The value of a business is based on the income it generates. We are already seeing rents bump up past what we underwrote for at Year 3, and we haven't even touched the property yet."
Leah Krebs
"I focus on the numbers. I like things that can make me money. We are forcing this appreciation, and we can already see it turning."
Anita
"Sometimes people wait for opportunities, but you have to create opportunities. When the opportunity is here, the numbers are aligned, the vision is aligned. Come in with us."
Fedna Morency
"The last deal we closed in February was a much larger raise and was oversubscribed. This one is going to go even faster."
J. Claude Mouaffi
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

Omar Danner
"Awesome!"
Dr. Stanley A. Okoro
"I don't normally say much on these webinars because I'm a very shy guy. But I'm all in."
Anita
"Come join us. Participate in this deal, and you will be celebrating with us a few years from now."
Leah Krebs
"Thanks for popping on tonight. Hope you got out of this webinar what you wanted."
Dr. Kirk Campbell
"Thank you so much for taking time out of your extremely busy schedules and spending a couple of minutes with us. A special welcome to our ANPA members tonight."
Fedna Morency
"Thank you for being here to hear us out. We are in this together. You can build wealth passively, and you can have your money work hard for you."
J. Claude Mouaffi
"Thank you to everyone who showed up tonight. Looking forward to having you on board."
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.

Create Investment Account Book a Call with Dr. Campbell