Cityside Huntington Metro rooftop sundeck and lounge
A man and woman on a sofa enjoying coffee
A man and woman at a desk looking at a laptop screen

Heather Hill

When acquired, Heather Hill was undercapitalized and suffered from deferred maintenance. The property was undermanaged and under-merchandised in the market and was lacking true customer service.

Donaldson managed a $6.8mm renovation that, in addition to interior unit upgrades, included a complete re-build out and re-furbishing of an existing underutilized leasing center. As part of the leasing center upgrade Donaldson added a fitness center and a business center, totally re-designed the leasing office space and converted additional building space into a new model unit. Donaldson also significantly upgraded the expansive pool area, re-furbished the youth activities center, enhanced the building facades (including balcony railings and new siding), upgraded common areas, extensively re-landscaped the property and greatly improved the existing mechanical systems.

 

25.28%
Internal Rate of Return
19.2%
NOI Growth
25.28%
Internal Rate of Return
19.2%
NOI Growth

Donaldson increased rents approximately $300 per unit (renovated) in less than 2 years and increased the NOI approximately 45% in less than 2½ years.

Property Constructed1963
Purchase Price Per Unit$83,878
Renovation Cost Per Unit$14,800
Sale Price Per Unit$124,183
Internal Rate of Return25.28%
Average Annual NOI Increase19.2%