Purchased for $22 Million
Adding value with renovations, amenity upgrades, and new property management.
Value-Add Business Plan
- Pursuant to the business plan, capital improvements have included upgrading the clubhouse (new vinyl plank flooring, paint, furniture, windows, and kitchenette), adding new pool furniture, implementing a package station, and renovating 74 unit interiors. CWCIM anticipates renovating the remaining unit interiors upon roll.
- Newly renovated 1-, 2-, and 3-bedroom units are achieving $88, $164, and $203 rent premiums over unrenovated units, respectively.
- CWCIM implemented a more effective property management company in July 2019 (Latitude Property Management).