- 36-Unit Asset with Varied Unit Mix & Value-Add Upside
- Great Physical Condition with Significant Capital Improvements
- Rent Growth Potential and Value-Add Opportunities
- Revenue Optimization and Garage Income
- Amenity and Site Expansion Potential
- Well Located in a Demand-Driven Market
- Optional Portfolio Scale Available
36-Unit Asset with Varied Unit Mix & Value-Add Upside
The Meadows Apartments is a well-maintained 36-unit community situated on a single, expansive parcel totaling over 5.41 acres. Built in 1999, the property comprises two buildings—a three-story, 24-unit structure and a two-story, 12-unit building—offering a total of 33,076 square feet of rentable space. The unit mix includes 8 one-bedroom, 17 two-bedroom, and 11 three-bedroom floorplans, attracting a diverse tenant base ranging from individuals to families. Residents enjoy wooded views, mature landscaping, and on-site conveniences such as common area laundry facilities and vending machines. Numerous capital improvements have already been completed, including new exterior siding, composite decks with metal railings, and enhancements to site infrastructure and grounds. The property also features 15 private garages, offering additional income potential and tenant appeal.
Great Physical Condition with Significant Capital Improvements
The Meadows Apartment Homes are well-maintained and offer residents a tranquil ambiance with mature landscaping and desirable features including but not limited to exterior garages, varied unit mix, and beautiful grounds. Significant capital improvements have been completed including new interior flooring, paint, appliances, heating and cooling systems, roof, concrete and asphalt replacement, exterior siding, decks, and landscape upgrades. These enhancements provide new ownership the flexibility to operate the properties as-is or take advantage of the strong foundation to implement further value-add initiatives.
Rent Growth Potential and Value-Add Opportunity
Current ownership has implemented partial interior renovations on a turnover basis, with many units featuring luxury vinyl plank (LVP) flooring, fresh paint, updated fixtures, cabinets, and appliances. However, many units remain primed for further modernization. With rents currently under fair market value, a new owner can capitalize on organic rent growth through unit renovations, renewal increases, and the implementation of RUBS (Residential Utility Billback System). Renovated units are anticipated to command rent premiums averaging more than $250 per month, providing a clear path to increased cash flow and long-term value.