About KH Property Group
KH Property Group through many subsidiaries and related companies acquired over 800 Townhomes, Condos and Single Family homes in the Atlanta area from 2010 to 2013. During this Real Estate Recession, our company focused on buying a lot of broken developments from Banks in areas that were not the most desirable of the City, but where there was still a need to rent by people. The company saw the opportunity to acquire at very good values, but also saw the opportunity in helping the ones that were mostly needed of housing in a period of time where financing was unattainable. Most of these developments were anywhere from 20% completed to 80% completed so our construction company came in, finished the units, and then our management company stepped in and rented them through several programs such as Section 8, Regular Lease Agreements and Lease to Purchase agreements which are now being executed.
Due to the majority in the communities, KH took majority of board seats in the Homeowners associations and turned several communities where houses had been occupied, vandalized and destroyed. In most communities we would bring a Police Officer to live in one of our units for free, just so that our residents and other owners would feel safe about living there.
In 2013 we did our most challenging project. We bought 110 Condos in a 200 Condominium community that was totally devastated in Athens, GA, minutes away from the University. 30% of the units were only occupied and tenants that were not only not taking care of the property, but a lot of them engaged in illegal activities. Two weeks into the purchase there was a murder on the property. Our company removed all the occupants that caused trouble from the property, loaned money to the Homeowners Association to make over $800,000 worth of repairs and completely renovated all 110 units that were purchased. Today, 4 years later all 110 units are mostly occupied by students or white collar individuals who work and live in Athens and we constantly get phone calls from the other owners thanking us for protecting their investment and turning this around completely. The values in the community went from an average of $20,000 per unit to close to $60,000 per unit if you can even find a unit to buy.
KH also was successful at buying two 100 and 200 unit apartment complexes that were in desperate shape of renovations and turned them around making them from 20 and 25% occupancy to 90% occupancy. Both of these complexes were also not in the most desirable areas of town and needed major renovations like new roofs, plumbing, kitchens, common areas, etc. Two years later, we sold these properties functioning at 90% occupancy to insurance companies looking for income producing properties at a lot higher value.
Our Property Management Subsidiary, JAI Property Management, was started in Chattanooga TN, where we also acquired and built around 70 distressed homes and rented them all through the Section 8 program. In Chattanooga, to today’s date, our company has the reputation of having the best quality homes in the Chattanooga Housing Authority, where we would always pass inspections the first time the inspector came in and looked at one of our properties. We are currently working with THDA to obtain a Federal Low Income Tax Credit and renovate an old 60,000 SF Church in one of the most depressed areas into lofts, where Section 8 vouchers will occupy the majority of the units.
Our company is also a key investor and developer in several high end projects in Chattanooga, TN like Cameron Harbor on the Water or the re-development of a Historical building of The Parkway Towers – a key city building – into a boutique hotel.
Today, with over 2,000,000 SF under management in between commercial and residential, and a portfolio valuation of over $150M, the company is looking at expanding into different markets. We acquired 2 residential lots in the Williamsburg area of Brooklyn, NY and we are constantly looking at the Boston market to make our first appearance. JAI Property Management has 4 satellite offices in markets where we have properties and part of our successful model has always been to manage our property.