Obviously it is with great excitement that our team can announce our plans for a new $46 million development of 240 new units of the very best, Class A multifamily homes to the Daphne, AL market. This project has been a real labor of love for all of us at Adcock Properties and one we have wanted to take on for quite some time. It’s certainly of great personal significance to our CEO himself, John Adcock, since building apartments is how his father started this company; and it’s been his greatest desire since the day he took over to get back to the roots of how it all started.
We’ve had extraordinary success in acquisitions and extensive repositions over the years, and that will always remain a significant part of what we do; but the time is right for us now to move back into new development. Our focus every single day is on continuing to seek and find opportunities to provide our investors with exceptional return on investment. We continue to believe that multifamily industry is the very best asset class in the world and one that is only going to keep getting better. We know that our company is positioned to be at the forefront of that industry in the coming years, and this project will be the first of many new development projects for us. The entire Baldwin County market is one that we know very well. The City of Daphne is right in the middle of that activity, and we can’t wait to be a part of all that’s happening there.