Park Place Apartments

Park Place Apartments is a 34 unit stately apartment building on two legal parcels. These three-story brick 1960s construction buildings contain a desirable mix of 16 two-bedroom, 16 one-bedroom units, and two studio units. Park Place Apartments has ample on-site parking behind the building with easy direct access to units and its own large parking lot.

Most of the units have been renovated with high end finishes including granite countertops and updated bathrooms and kitchens. Each unit has central heat and AC, dishwashers and front and back entrance. Building exteriors are in great shape and a security camera system monitors the parking lot. Opportunity exists to add laundry rooms in the basements furthering tenant amenities. All Cap Ex has been completed with newer roof, redone common areas and updated units. This location is centrally located, along public transportation routes and close to downtown. Third party management is currently in place.

Why we love it: Solid 1960s construction with functional unit layouts and a desirable unit mix, ample on-site parking, and proven upside through renovations. 

The challenge: The parking lot has an issue with illegal dumping and would benefit from gated access. ~50% of the units still need cosmetic renovations to achieve income upside.

The Value Add Play: Renovate units as tenants turn to achieve proven rental upside. Previously, laundry rooms were offered on-site. Those machines were removed, but the empty laundry rooms remain. The new owner can sign a laundry lease or buy laundry machines to provide laundry as a tenant amenity and produce additional revenue.