Melrose Manor

Property Summary

This Columbus asset was acquired with low rents, high turnover and evictions, and operating expenses in excess of 65% of collected rent. Physical repositioning began immediately upon acquisition to improve the property structure and safety. Within one year of acquisition, the rent roll has increased by over 25% and total operating expenses have been reduced to 50% of collected rent.

Value Creation Strategy

Acquisition

Mismanaged assets in sub-markets with strong fundamentals

Capitalization

Optimal capital structure balancing risk, return, and asset strategy

Repositioning

Experience-based value add upgrades and stabilization

Disposition

Exit timing responsive to macro and local market dynamics

Property Improvements

Renovated building common areas with modern paint, lighting and finishes
Enhanced property security with improved lighting and locks
Completed full rehab and lease-up of one down unit
Re-paved and striped tenant parking lot
Re-branded property with improved landscaping and signage