Peachtree of McLean

Property Constructed 1972
Date Renovation Began May 2001
Market Value Per Unit $82,900
Renovation Cost Per Unit $23,600
NOI Per Unit at Renovation $6,650
NOI Per Unit at Completion $10,950
Current Market Value Per Unit $199,090
Annualized Value Increase 27.96%
Annual Average Increase in NOI 18.39%

Peachtree of McLean was a Class B-/C+ property in a Class A market that had grown tired and stagnant and was not performing to its potential. The curb appeal was lacking, the amenities were non-existent, and the apartment units were out of date.

Upon receiving approval of the ownership, The Donaldson Group executed a major renovation of the property, including building out a new leasing center and management office, building out a new community center, business center, fitness center, and billiards room in a formerly empty and abandoned space, renovating all hallways and common areas, upgrading the pool house, extensive re-landscaping of the property, and renovating apartment interiors.

The improvements to Peachtree of McLean have significantly improved curb appeal and desirability through the new amenities, thus permitting significant increases in rents leading to annual NOI growth of almost 20% at a stabilized property.