Location

We acquired this property from the original owners who built it. Old management was very unsophisticated and did not spend any money on upgrading the property because it was their source of income. Property management processes were also outdated and they did not pay their staff current market wages, which resulted in poor overall performance. The business plan was to renovate the interiors to modernize the units, eradicate deferred maintenance and overhaul the management.

Execution

Our in-house property management co., Greenline Apartment Management, came with a new staff and renovated almost 100% of the units within ~24 months and achieved top market rents instantly. We bought Allendale at a 2.19% cap rate and brought it to 9.07% within 18 months.