Park at Idlewild
Park at Idlewild is a 113-unit apartment complex that is comprised of 11 two-story buildings totaling 98,747 square feet. Built in 1973, the property has 14% 1 bed/1 bath units, 65% 2 bed / 1bath units and 21% 3 bed/2 bath units. It is a conventional two-story garden-style apartment complex with stacked units and exterior walk-up entries. The property was purchased as a REO from a special servicer. It was 94% leased but undercapitalized and not operating at its maximum potential. The opportunity is to reposition the property to maximize cash flow by implementing our value enhancement strategies which includes new project identity, improved curb appeal, upgrading apartment finishes, adding washer/dryer units, adding new common area amenities and reducing expenses and creating operational efficiencies by implementing institutional property management. This underperforming asset was acquired with private capital and fixed rate financing from Fannie Mae.