Property Specs
Project Background
Initial Investment
The property is located in a sub-market with robust opportunities for employment and continued economic growth. The structure was well built, with clear opportunities for enhancement that would correspond with an enhanced rent premium.
Executing Strategic Enhancements
Greenlite has transformed the property with upgraded interiors, a full exterior renovation, and an energy efficiency overhaul. All units were upgraded, and the exterior renovation included new paint, new street signage, landscaping, and a resurfaced parking lot.
The Project Details
Greenlite has invested over $422,000 in capital improvements over the past 12 months into interior renovations of all 50 units, a complete exterior renovation involving new paint, new street signage, landscaping, resurfaced parking lot, and a complete energy efficiency overhaul including a brand new boiler and chiller system, low-flow toilets, efficient aerators and showerheads, and solar screens on all exterior windows. Future Ownership has the opportunity to continue new plan of a upgraded interior package with new, black appliances and upgraded cabinetry. Currently, the upgraded unit is receiving a monthly rent premium of $57 with an investment cost of $2,800.
Extensive Capital Improvements
- Increase the efficiency of controllable operating expenses by incorporating an energy savings system into the existing mechanical equipment/HVAC.
- Update complex appearance, apartment interiors and facilities to support rent increases.
- Replacement of carpet (second floor) or plank vinyl floor (first floor)
- New light fixtures (bathroom and kitchen)
- New sink and bath fixtures (bathroom)
- Countertop resurface (bathroom and kitchen)
- New electrical faceplates and light switches
- New ceiling fans
- New thermostat
- Exterior landscaping enhancements including pool area repairs, parking resurfacing, exterior paint, and new exterior fixtures.
- New signage
More On Our Investment Strategy
We take a defined strategic approach to each investment, focused on adding value in the right ways, in the right places at the right times.