- Well-Positioned Asset Ready For Further Value-Add Implementation
- Upgrade Premiums of $115+/Unit With Strategic Interior Enhancements
- Demonstrated Value-Add Upside In The Submarket
- Prominent Major Highway Visibility And Interstate Accessibility
- Convenient Location Proximate To Both Retail And Job Centers
- Strong Foundation For Continued Repositioning
- Attractive Basis Given Property Condition And Strong Submarket
- Offered Free And Clear Of Any Existing Debt
Well-Positioned Asset Ready for Further Value-Add Implementation
Current ownership has recently invested a significant amount of capital in the property. More than $750,000 has been invested in renovating unit interiors, replacing all of the roofs and improving curb appeal. The recent capital expenditures allow for new ownership to focus on driving top-end rental growth with interior upgrades to the remaining classic units.
Upgrade Premiums of $115+/Unit with Strategic Interior Enhancements
Maplewood Apartments offers 157 classic unit interiors (77%) that are prime for modernization. 47 units received upgrades in a recent renovation phase that is nearing completion. These upgraded units showcase the potential for increasing revenue by renovating the existing classic units. Premiums of more than $115/unit/month can be achieved with cosmetic upgrades.
Demonstrated Value-Add Upside in the Submarket
Nearby comparable properties have successfully executed on property and unit upgrades, demonstrating the viability of rent upside in the submarket. Given the rental rate achieved by similar renovated properties in the submarket, the potential for increased revenue from the existing classic units at Maplewood Apartments is immense.
Upgraded comparable properties nearby are achieving average rental rates of nearly $115/mo. above in-place rents at Maplewood Apartments, presenting great potential for new ownership to increase rents through strategic unit interior renovations.
