Oak Meadows
Acquired March 2021, this is a 48 unit property in Oak Meadows, KY (Clarksville, TN MSA). This property was ugly inside and out when originally purchased, it was one of those places that gave you a bad feeling in your stomach when you pulled into the complex. However despite it's appearance, I knew this property could shine because it was in a great neighborhood, and there was no reason this place could not attract great residents if it just had a good clean up and a face lift. We went to work fixing interiors, installing all new windows and doors, landscaping, and remodeling the office. All of this led to a better tenant base, and we've been able to realize a 60% increase in gross revenue as a result of these changes.
Northfield Manor
Acquired August 2021, this is a 48 unit property located in Russellville, KY. This property was attractive on the outside, but the interiors of the apartments were dated and in need of remodeling. It also had an expense problem. The previous ownership was paying all utility bills for the residents (including electricity). By transferring utility costs to the residents, we were able to cut operating expenses by approximately 20%. We were also able to increase gross revenue by about 40% for the property by modernizing the units and using professional property management.
Ardmore Storage
This 16,000 square foot, 166 unit storage property was added to the portfolio in February 2023. With 60% occupancy and the competition almost full at the time of purchase, let's see what an online presence and some
advertising can do!
