The Hanover

Property Constructed 1965
Date Purchased July 2006
Market Value Per Unit (Pre-Renovation) $51,100
NOI Per Unit (Pre-Renovation) $3,832
Renovation Cost Per Unit $23,875
NOI Per Unit (Post-Renovation) $8,772
Market Value Per Unit (Post-Renovation) $117,000
Annual NOI Increase 41.31%

The Hanover (formerly Greenway Village) suffered from absentee ownership and was a seriously under-capitalized and under-managed asset. The property had terrible curb appeal, provided no customer service to its residents, had below market rents, and attracted an inferior resident base for the Greenbelt market.

The Donaldson Group executed an $8.6mm renovation of the property, including new roofs, new windows, new balconies, repaving, new exterior paneling, new entranceways and stairwells, extensive renovation of the existing clubhouse to include new leasing center, business center and fitness center, extensive re-landscaping, new signage, and interior apartment renovations.

The improvements to The Hanover have significantly improved curb appeal and attracted a better resident base, thus permitting significant increases in rents leading to annual NOI growth of over 40%.