The Glendale (formerly Countryside Apartments) was a struggling community, suffering from high operating expenses (particularly utility expense), stagnant rents, high delinquency and crime issues.
Upon taking over management, The Donaldson Group initiated a $6.5mm renovation program, including, replacement of a 40+ year old central boiler plant with new individually metered high-efficiency heat pumps in each apartment. In addition, extensive exterior and site improvements were made, including replacement of windows and sliders, replacement of original metal balcony railings, and installation of decorative cornice, moldings and COINS treatments on all buildings. We also undertook numerous common area improvements including renovation of all entrance landings and stairwells and installation of new signage.
As a result, the utility expense decreased approximately 65% and NOI virtually doubled over a 2-1/2 year period increasing the property value by almost 80%.