Multi Family Housing
Maple Place Apartments
258 Units, Southfield, MI
Maple Place was acquired out of foreclosure. The property was in a good location with proximity to major east-west and north-south expressways. The one, two, and three bedroom units were large with good closet space. While the location and floor plans were good, the property was in a state of decline from years of neglect by earlier ownership and 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 new roofs were installed 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 progressive tastes and demands of new residents.
Today, unit interior improvements 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 improvement decisions made by SDC.
Corner Place Apartments
211 Units, Southfield, MI
This property consists of 211 garden-style and townhouse units located at a busy intersection on the border of Beverly Hills and Birmingham. The property was acquired in 2015 from the family that originally constructed the project and owned it for thirty years thereafter. While the property was well managed and well maintained, the team at SDC identified a number of “game-changing” improvements that would uniquely distinguish the property and reposition the asset.
The capital improvement program continues today with funds budgeted annually for both upgrades to unit interiors and the restoration and maintenance of building exteriors. Landscaping too is an important part of our improvement program. With low turnover and annual increases in operating income, SDC has accomplished a significant repositioning of the asset while providing for a very attractive return on its investment.
Pine Ridge Apartments
120 Units, Southfield, MI
Pine Ridge was acquired out of foreclosure in 2012. At the time of acquisition, balconies were in disrepair, there was no formal leasing office and the buildings themselves were in a state of decline.
Immediately after the acquisition, SDC engaged a capital improvement program to repair and replace all problem balconies, remove all warped and decaying T1-11 siding from the buildings, and replace and repaint all newly installed wood siding along with replacing gutters throughout.
Biscayne Towers
402 Units, North Miami, Florida
In 2013, SDC paid $6.9 million for a highly visible seven acre parcel of vacant land on Biscayne Boulevard. The property was not zoned for development but was in an excellent location near a new Whole Foods, Home Depot, Walgreens and other good commercial tenants.