Lynnwood Park Apartments

Summary:

Strategy: Value Add

Acquisition Date: 4/22/2021

Status: Realized

Purchase Price: $17,200,000

Disposition Price: $34,618,000

Transaction Overview:

We acquired the property in an off-market transaction. Opportunity to execute value-add plan at property, fully renovating 100 of the remaining classic and partially renovated units. Renovation premiums are expected to reach $150 per unit.

Strategy-Value-Add:

Willow Creek stabilized occupancy through proven management strategies to increase rental income.

WCP was able to secure the Property in an off-market transaction for an incredibly attractive purchase price of $113K per unit due to strong existing relationships with operators and brokers in the Triangle region.

Status:

Successful disposition in May 2022.