NNG Capital Acquires $9.2M Apartment Complex In GA￼
DLC, Oct. 27, 2022 /PRNewswire/ — NNG Capital Fund has announced the closing of the acquisition of a 120-unit multifamily property “The Summit Apartments” in Macon, GA for over $9M.
The 15-building apartment complex acquisition recently completed by NNG Capital Fund expands its footprint into new markets, as the company builds up on recession resilient and income producing assets in its portfolio.
The Summit Apartments contains 120 rental units, with an over 98% occupancy rate, and had rents 26% below local market rates at the time of purchase. NNG’s founder Fuquan Bilal describes this as a great value add transaction, with plenty of upside potential. The company also has a sister property to The Summit Apartments under contract in Macon, GA. This acquisition, which is expected to close by the end of fourth quarter of 2022 that will add another 142 units to their portfolio.
NNG Capital Fund has been increasingly expanding into new markets where they are finding better pricing and growth opportunities on income producing multifamily assets The Summit Apartments
Other recent acquisitions by NNG Capital Fund in the Third Quarter of 2022 include a 40 unit building in Birmingham, AL, and 64 units in Phenix City, AL. NNG is a private equity real estate investment firm known for its innovative and forward-thinking approach to creating hybrid investment funds which reduce risk and optimize performance for their investors with a unique take on diversification and thrive through a new recession.
Founding CEO Fuquan Bilal is one of the few investors who appears to have not only thrived through the COVID crisis but has been active in the space even prior to the 2008 Great Recession.