Andrews Ridge

Property Constructed 1965
Date Purchased May 2011
Purchase Price Per Unit $55,733
Renovation Cost Per Unit $30,310
Date Sold Nov 2015
Sale Price Per Unit $120,935
Internal Rate of Return 22.43%
Average Annual NOI Increase 57.41%

The Donaldson Group (TDG) acquired Andrews Ridge through a short sale in May 2011.

TDG managed a $15mm renovation, consisting of new signage, extensive re-landscaping, amenity enhancements (including a newly constructed community center with fitness, business and youth activities center), new playgrounds, upgraded laundry facilities, building façade and entryway upgrades, renovated stairwells and hallways, new windows and sliders, new balcony railings, lighting upgrades, new roofs, plumbing line enhancements, along with interior renovations to 1/3rd of the apartments.

In addition, TDG converted the aging and highly inefficient central plant from a two-pipe central heating and cooling system to all new high-efficiency, individually metered heat pumps including full electrical heavy-up and new electric panels and meters.

As a result, the utility expense decreased roughly 60% and NOI increased an annual average of 57.41% over a 4½ year hold period.