Ashford Park

Property Constructed 1962
Date Purchased July 2003
Purchase Price Per Unit $36,711
Renovation Cost Per Unit $8,840
Date Sold April 2005
Sale Price Per Unit $66,050
Internal Rate of Return 40.61%
Average Annual NOI Increase 40.24%

When acquired, Ashford Park (formerly Mews at Kennebec) was significantly undervalued due to bad management, severe lack of capital and poor reputation in the community.

The Donaldson Group managed a $2.7mm renovation, including exterior, common area (including extensive remodeling of mid-rise lobby and leasing center), interior apartment renovations, and structural repairs that allowed The Donaldson Group to bring 10 units back on line that had been in an un-rentable condition for approximately 10 years due to structural deficiencies that lead to extensive water intrusion in the units.

Within 3 months of taking over management, we increased occupancy from 86% to 97%, discontinued rent concessions, created cash flow where none previously existed, and greatly improved resident retention and community reputation positioning the property for a very successful disposition.