- Over $7.9M ($79,000 Per Unit) Invested in Redevelopment
- All New Mechanicals, Electricals, and Plumbing
- Nearly 0% Loss to Lease & Rents are Below Older Comps in the Submarket
- Fully Renovated Asset With $100+ Per Unit of Organic Upside
- Utility Reimbursement Upside
- Value-Add Opportunity Through Additional Amenities
- Offered Free & Clear of Existing Debt
Over $7.9M ($79,000 per Unit) Invested in Redevelopment
Gardens at Park West has been completely renovated over the past five years. Roofs, windows, doors, shutters, asphalt, sidewalks, landscaping, gutters, paint, signage, and even the mailbox hut have all been updated. Amenity upgrades include a new leasing office, brand new playground with benches and picnic tables, a gazebo and picnic table area, and a laundry room.
Every unit is identical, and each has received high-quality upgrades. These include granite countertops, stainless steel appliances, new shaker cabinets, custom tile backsplash, LVP flooring, new interior doors, modern light fixtures including can lights in each living room, washer/dryer connections, low-flow toilets, fans in the bedrooms, and full kitchens including microwaves.
All New Mechanicals, Electricals, and Plumbing
Gardens at Park West boasts a brand new HVAC system and 100% AC condensers. The entire property has a new high-end electrical system. Significant plumbing replacements include: the main lines were through both sides of the property and all new branch supply lines to each building. Lastly, sewer/waste lines were descaled and re-lined from each building to the main sewer line. See next page for full cost breakout!!
Nearly 0% Loss to Lease and Rents are Below Older Comps in the Submarket
Currently, average effective rents for each unit type at Gardens of Park West are at or near current market rents. 76% of units are leased at market rents! See chart in OM.