PRP acquired this under-managed asset and corrected deferred maintenance throughout the property, renovated units to Class A standards with new kitchens, bathrooms, lighting and flooring, and modernized the common areas. Renovations resulted in ~$200/unit rent increases on renovated units.
- Average household income is $116,000 within one mile radius
- 60 units have been renovated achieving ~$200/unit/month premium
- 41 MPDU unit rents are $200 below current non-renovated market rate expiring November 2020
- Located in the heart of the I-270 corridor, the biotechnology epicenter of the Mid-Atlantic region
