Multifamily Redevelopment, 72,254 sqft. 74 Units. TOTAL PROJECT COST: $10m
A well-located property, River Lofts (then Heron’s Landing) was not professionally managed, and was consistently coming in below competing properties in terms of average rents. At the time of acquisition, all rents were increased to market levels – approximately $200/unit. In conjunction with this, exterior upgrades were initiated which included substantial landscaping improvements, exterior siding replacement, and interior renovation to approximately 30% of the units. The result of these upgrades was significant increases in rental revenue, which translated into equity growth for investors. Since acquisition, the property has appreciated in value by approximately 80%.