Garden-Style Apartment Complex Case Study
Highlights in the Case Study
Eighteen building, 144-unit, garden-style apartment complex
Acquired for $6,700,000
Placed-in-service in 2018
113,000 square feet and sits on a 6.75-acre site
Increased Cash Flow in 1st year- $920,000
The subject property is an eighteen building, 144 unit, garden-style apartment complex that was acquired for $6,700,000 and placed-in-service in 2018. It totals 113,000 square feet and sits on a 6.75-acre site.
As with many garden-style apartment complexes, the site is improved with ample parking but simple landscaping. The entire property is fenced in with motorized gate access. Somewhat unusual for garden apartments, the property does not have a swimming pool.
The buildings are two-story, wood-frame structures, with brick facades and asphalt shingle roofs. Interior finishes such as carpeting, vinyl flooring and cabinetry are of average quality as are the kitchen appliances.