Mapletree was acquired out of foreclosure in 2013. The property was in a good location with proximity to major east-west and north-south expressways and the one, two, and three bedroom units were large with good closet space. While the floor plans and location were good, the property was in a state of decline from years of neglect by earlier ownership and then complete mismanagement by a third-party foreclosure manager.
Within the first year of acquisition, a complete overhaul of all building exteriors was initiated. For each building, all rotten or warped siding was removed and replaced along with new trim and gutters. All buildings were repainted and received new roofs with 25-year shingles. A window replacement program was started on the first building with a plan to replace all windows within five years. Hallways and vestibules were repainted with new flooring as needed, and building entrance doors were also evaluated for replacement.
At the entrance to the community and in the clubhouse, the capital improvement program continued. The entrance was completely repaved with new curbing, signage and landscaping. An electronic security gate system was installed with multiple cameras to promote safety and security. In the clubhouse, new bathrooms were installed and the clubhouse itself was redesigned and redecorated. The new furnishings and wall décor provided a fresh look and a more contemporary appearance. New technology was introduced which included check scanners, card machines for laundry, and a business station. All entrance and clubhouse improvements were designed to highlight “positive change” for existing residents and appeal to the tastes and demands of new and prospective residents.
Today, interior improvements in the units continue with new lighting fixtures, plumbing fixtures, door hardware and flooring installed with each turn. Rents and operating income have increased substantially since acquisition confirming the capital improvements decisions made by SDC and providing for a very attractive return on investment.