Harmony Grove | Webinar Recording — May 4, 2026

Webinar Companion eBook

Why the team loves this deal

Harmony Grove Apartments is a 75-unit, 1966-vintage, 100% unrenovated multifamily asset in Marietta, Georgia — approximately 20 minutes from downtown Atlanta. Four fundamentals make this deal compelling.

Massive rent upside

Current rents are $1,092 versus market rents of $1,435 — roughly a $300 per-unit, per-month delta. The plan calls for renovating ~50% of units and pushing rents by approximately $175 per renovated door over a 12-month period.

Bought below comparable basis

Acquisition at $103,000 per unit. The most recent comparable sale (December 2025) traded at $155,000 per unit; the trailing 6-month average is $141,000; replacement cost is ~$200,000. Equity is built in on day one.

Supply-constrained, high-demand sub-market

Zero new construction within a 3-mile radius. Atlanta supply has fallen by ~8,500 units over the past 24 months. The team underwrites 2.5% rent growth despite Atlanta projections of ~4.1%.

Real, conservative debt and reserves

Fixed Fannie Mae or Freddie Mac debt at ~70% LTV, with a $1M renovation budget plus 10-15% contingency, and a $155,000 operating reserve held for unforeseen circumstances.

Property Details

Asset & Market Snapshot

Asset Snapshot
Property Name	Harmony Grove Apartments
Location	Marietta, GA — Cobb County, Greater Atlanta MSA
Distance from Atlanta	~20 minutes
Year Built	1966
Total Units	75 (12 studios / 23 one-bed / ~40 two-bed)
Current Condition	100% classic / unrenovated
Current Occupancy	97%
5-Year Occupancy Floor	94%
Re-lease Velocity	Under 1 week to re-rent a unit

Pricing & Comps
Purchase Price	$7,750,000
Price Per Unit	$103,000
Most Recent Comp (Dec 2025)	$155,000 / unit
Trailing 6-Month Avg. Comp	$141,000 / unit
Replacement Cost	~$200,000 / unit

Rent Strategy
Current Average Rent	$1,092
Market Rent (Comp Set)	$1,435
Premium per Renovated Unit	+$175 / month
Renovation Pace	~3 units / month from month 9
Renovation Scope	~50% of units (~37 doors)
Year-3 Stabilized Rent	~$1,424 — still below today's market
Underwritten Rent Growth	2.5% (vs. ~4.1% Atlanta projection)

Capital Stack
Debt Source	Fannie Mae or Freddie Mac, fixed-rate
Loan-to-Value	~70%
Renovation Budget	~$1,000,000 + 10-15% contingency
Operating Reserve	$155,000 held in bank
GP Co-Investment	~10-15% of equity
Minimum LP Investment	$100,000

Investment Cheat Sheet

If you only remember one page

The headline numbers — asset, deal, and returns — all in one place.

The Asset

PropertyHarmony Grove Apts.

LocationMarietta, GA

Vintage1966

Units75

Condition100% unrenovated

Occupancy97%

The Deal

Purchase Price$7.75M

Per-Door Basis$103,000

Comp Sale (Dec 2025)$155,000 / unit

Replacement Cost~$200,000 / unit

DebtFixed, ~70% LTV

Operating Reserve$155,000

Returns — Class B, 5-Year Hold

Min. Investment$100,000

Preferred Return7% / yr (quarterly)

Target Annual Return20%

Equity Multiple~2x

Year-1 Tax Loss~$35,000 K-1

Base Exit (Yr 5)$13.5M @ 5.6% cap

Live Q&A — Restructured for Clarity

Every question. Every answer.

Every question asked during the live session, restructured for readability. Original wording preserved where possible.

With respect to the rent delta, did you calculate it on a square-foot basis? These units appear fairly small on average.

Asked by Victor

Claude Mouaffi

"On the rent delta — we benchmark against the market rent of properties in the same condition we plan to deliver. We pick comparable assets of similar vintage and similar renovation level, then capture the gap between those rents and ours, and that is the lead we follow."

Dr. Kirk Campbell

"Current average rent is about $1,092. Today's market rent in this sub-market is $1,435. That $343 gap is the opportunity. We're targeting a $175 premium per renovated unit — deliberately conservative."

What property management company are you using, and what is their track record?

Asked by Audience

Dr. Kirk Campbell

"Our strategic operating partners have over $250 million of multifamily assets under management. The property management firm is already managing another asset in this same Atlanta sub-market and has been used on three of our strategic partners' Atlanta deals. That's not a theoretical relationship — it's a proven one."

What is the minimum investment for limited partners?

Asked by Audience

Dr. Kirk Campbell

"The minimum investment is $100,000. That gets you a 7% preferred return — roughly $7,000 per year — paid quarterly. At the 5-year exit, your target return is approximately 20% annually, equating to a ~2x equity multiple."

How are distributions structured — GPs first, LPs first, or everyone at the same time?

Asked by Audience

Claude Mouaffi

"Limited partners receive their preferred return first. At exit, LPs are paid until they meet their target return; only then does the operating sponsorship team get paid. That alignment forces us to outperform — to make a dollar, we have to deliver what we promised."

What about the tax benefits? Can you explain the K-1 loss?

Asked by Audience

Dr. Kirk Campbell

"The cost segregation study projects approximately a $35,000 first-year tax loss on a $100,000 investment. That's delivered via K-1 for your CPA to apply. Depending on your income level and tax situation, that can be a meaningful offset. Always run it by your CPA first."

How is the renovation budget funded? Will you be borrowing additional money?

Asked by Audience

Anita Akpunku

"Renovations are funded out of the raise. Every line item has been sourced and estimated, and we carry a 10-20% contingency on top of that for unforeseen issues. We are not borrowing additional money for the renovation budget."

Claude Mouaffi

"Beyond that, we hold a $155,000 operating reserve in the bank, doing nothing, available only for unforeseen circumstances."

Given the 1966 vintage, will property insurance increase for the new owner?

Asked by Jose Bordes

Dr. Kirk Campbell

"The opposite. We have multiple insurance quotes in hand. We budgeted approximately $1,950 per door, but quotes are coming in around $600-700 per door, which actually helps NOI. We always budget insurance conservatively, and real-world quotes tend to come in lower."

Have you physically inspected the property — plumbing, roof, mechanicals?

Asked by Audience

Dr. Kirk Campbell

"About a week and a half before this webinar, we toured the asset, looked at every single unit, opened every door and closet, walked the roofs with our general contractors, and inspected the pipes. We then ran a full financial audit of lease files and historical operations. As I sometimes say in the spirit of Jay-Z: men lie, women lie, numbers don't."

How did your last deal perform compared to projections? Have you ever had a deal underperform?

Asked by Alea Thomas

Dr. Kirk Campbell

"I have not had a deal I personally participated in underperform, because I underwrite to very conservative assumptions. We also partner with experienced operators with $250M+ of AUM. I take Warren Buffett's rules to heart: Rule 1 — don't lose money. Rule 2 — see Rule 1."

Claude Mouaffi

"And we eat our own cookie."

Why are the current owners selling?

Asked by Audience

Claude Mouaffi

"The same reason we plan to sell at year 5. Buying an apartment building is buying a business; people sell when their business plan is complete and they move on to a bigger one. That's how the industry functions."

Your projection calls for almost doubling the property value in 5 years. How much of a discount are you getting today?

Asked by Victor

Dr. Kirk Campbell

"We are buying at $103,000 per unit. The trailing 6-month average comp is $141,000 per unit. The most recent sale (December 2025) was $155,000 per unit. Replacement cost is $200,000 per unit. Equity is built in at the basis."

What happens if target funding goals are not reached?

Asked by Audience

Dr. Kirk Campbell

"Our previous deals have consistently been oversubscribed and this raise is relatively small. If you are interested, get your soft commitment in as soon as possible — spots are limited, and I do not foresee us not raising enough capital."

Lessons Learnt

The investing playbook

Across the conversation, the team returned to a handful of principles. Distilled, they form a small but durable playbook.

On Wisdom & Mindset

"Real estate is one of the greatest wealth accelerators. Period."
When people are retreating, they are advancing. You follow your fundamentals, and if that is right, you take action.
"Allow your money to scrub in for you. Allow your money to work harder than you do."

On Risk & Underwriting

Warren Buffett's rules are non-negotiable: Rule 1 — don't lose money. Rule 2 — see Rule 1.
Always start with the end in mind. Map the downside first, then work upward.
Under-promise and over-deliver. Underwrite rent growth conservatively.
Hold a meaningful operating reserve in cash so it is available the day you need it.

On Trust & Verification

"Men lie, women lie, numbers don't."
Walk every unit, open every door, and put eyes and hands on plumbing, roofs, and mechanicals.
Audit lease files and historical operations alongside the physical inspection.

On Alignment

"We eat our own cookie." — GPs co-invest meaningfully (10-15% of equity).
Limited partners are paid first; sponsors only earn after LPs meet their target return.
Strong, pre-existing co-GP relationships and an operating agreement are the best safeguards.

On Wealth & Time

Real estate is uncorrelated to the stock market and offers tax benefits unavailable to most asset classes.
"Mailbox money" unhinges time from money — a critical lever for high-income professionals.
One good decision — the right deal, the right team — can compound for years.
If you can, start earlier rather than later.

On Market Cycles

Atlanta supply has fallen by ~8,500 units over 24 months — a tailwind for rents and asset values.
Sub-markets that were oversupplied two years ago are now turning in favor of well-located assets.
Economic cycles reset within 18-24 months; build a balance sheet that can patiently outwait them.

Harmony Grove.
The Full Picture.

Why the team loves this deal

Asset & Market Snapshot