- PROVEN UPGRADE PREMIUMS OF $110+ PER UNIT WITH INTERIOR ENHANCEMENTS
- SIGNIFICANT UTILITY REIMBURSEMENT UPSIDE
- ATTRACTIVE UNIT MIX FEATURING TOWNHOME AND GARDEN-STYLE UNITS
- PROXIMITY TO TOP MARKET EMPLOYERS
- STRONG HISTORICAL OPERATIONS
- OFFERED FREE AND CLEAR OF ANY EXISTING DEBT
UPGRADE PREMIUMS OF $110+ PER UNIT WITH INTERIOR ENHANCEMENTS
Currently leased significantly below market with in-place rents averaging just $771 per unit, Maplewood offers the opportunity for substantial rental upside, which is achievable through interior renovations including updates to light fixtures, appliances, flooring, countertops, and cabinets. There has already been proven demand for this level of renovation across 40 of the units and the projected average rents post-renovation are better aligned with the market at $881 while still considered affordable.
SIGNIFICANT UTILITY REIMBURSEMENT UPSIDE
Historically, the landlord has absorbed the cost of utility expenses in their entirety. However, current ownership has recently implemented water fees to offset some of the utility costs incurred. A breakdown of the new fee structure which applies to all new leases as well as renewals is as follows: $25 for one-bedroom units, $35 for two-bedroom units, and $45 for three-bedroom units with an additional charge of $10 per each unit with washer/dryer hookups. Continued implementation of these fees would generate over $100,000 in revenue growth alone!
ATTRACTIVE UNIT MIX FEATURING TOWNHOME AND GARDEN-STYLE UNITS
The complex has the ability to accommodate multiple household sizes and various renter lifestyles with a solid mix of studios coupled with one- and two-bedroom garden units as well as two-, three- and even four-bedroom townhome-style units. The variety of unit styles and available size options makes the property more appealing to a larger, more diverse tenant base.