Woodside Village Apartments is a 250-unit apartment complex that is comprised of 31 one-and two-story buildings totaling 201,880 square feet. Built in 1977 by AG Spanos, there are six different floor plans including 120 1BR/1BA units, 72 2BR/1BA units, 40 2BR/2BA units, and 18 3BR/2BA units. Onsite amenities at the property are a resident business and activities center, four renovated laundry areas, two lighted tennis/volleyball courts, a swimming pool/spa, and a fitness center. It is a conventional two-story garden-style apartment complex with stacked units and exterior walk-up entries.
The property was purchased from a family that owned and operated the property for 10 years. It was 96% 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 an institutional private equity partner and loan assumption from Fannie Mae.