The Donaldson Group acquired Rolling Brook Village in December 2012. The business plan consisted of correcting significant deferred maintenance and taking advantage of needed value add upgrades, as well as continuing an interior unit renovation program to generate rent premiums that were competitive in the market.
The Donaldson Group initiated a $5.25mm renovation, of which approximately $2.67mm was spent before sale. The renovation program focused on extensive rehabilitation of the clubhouse, transformation of a racquetball court into a large fitness center, installation of a dog park (previously a dilapidated basketball court), painting of building exteriors, hallway upgrades (including painting and lighting), retaining wall replacement and repair, paving and concrete work, balcony repairs, significant landscaping upgrades, swimming pool upgrades, HVAC replacements, along with interior renovations to roughly 10% of the apartments.
The improvements to Rolling Brook Village significantly improved the curb appeal and desirability of the property through upgraded amenities, enhanced landscaping, and exterior and interior renovations which allowed Rolling Brook Village to achieve rents competitive with newly constructed product in the market and which positioned the property for a very successful disposition.