August 5, 2022 – The Connor Group closed three transactions over the course of the last three weeks for $233 million, including the record-setting sale of Waterford Place in Nashville. The Dayton-based real estate investment firm sold the property and delivered a 159% internal rate of return to its investors, the highest in the company’s 30-year history.
The company purchased Waterford Place in August of 2020 for $27.6 million. After just 24 months of owning and operating the 184-unit property, The Connor Group sold Waterford Place for $53.25 million. The company’s basic business model, which is to buy under-performing properties, re-engineer them by improving customer service and maximize returns for investors, has proven to thrive in all market conditions.
“When we purchased Waterford Place, we knew it had the potential to deliver outstanding returns to our investors, but with the right people, plans and processes, we’ve exceeded expectations,” managing partner Larry Connor said. “We’ve seen unprecedented demand across the country for apartments amid volatile market conditions. And we believe, at least for the foreseeable future, that will continue.”
The Connor Group also closed transactions in its Louisville and Chicago markets in July. In Lousiville, the company acquired Sawyer East End Apartments, a 356-unit property. It is the firm’s second acquisition in Louisville in the last three months. In Chicago, The Connor Group sold Tapestry at Glenview, a 290-unit property located in the Glenview submarket. Financial details of these transactions were not disclosed.
The company is on track for another record-setting year and currently closed or placed under agreement nearly $2 billion in transactions in 2022. Year-to-date, $12.4 million in proceeds from property sales have been distributed to Kids & Community Partners, the company’s non-profit arm, which is dedicated to serving under-resourced children in the markets in which it operates.
The Connor Group, founded in 1992, has grown from $0 to $3.5 billion in assets. Along the way it has been recognized as a top-50 workplace nationally by Glassdoor, as well as a multi-award winner nationally by Comparably (Best Company for Women, Best Culture and Best Compensation). The Connor Group owns and operates luxury apartments in Austin, Nashville, Tampa, Denver, Minneapolis, Chicago, Charlotte, Raleigh-Durham, Dallas, San Antonio, Atlanta, Indianapolis, Columbus, Cincinnati, Louisville and Dayton.
Partner, Director of Communications