Category
Multifamily
Submarket
Huntington
Acquired
2016
Units
1,222
Growth Driver
Renovation program for ~850 units and potential to add onsite density of ~550 units
Similar to The Wellington, this research-led acquisition demonstrates our disciplined capital allocation through the purchase of value-add, urban-infill multifamily assets with strong income growth potential at a significant discount to replacement cost. Our research identified Riverside Apartments to be well-located in a submarket with strong employment drivers and limited supply. The asset provides us with a compelling opportunity to renovate approximately 850 units to generate rental growth, and the potential opportunity to develop additional units onsite, thereby offering multiple price points in a submarket with a strong population of renters.”
Paul T. McDermott
President & CEO