Maple Oaks Estates

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PROPERTY TYPE:MULTIFAMILY
LOCATION:MIDDLETOWN, OH
SIZE:167 UNITS
YEAR PURCHASED:2001
ASSIGNMENT TYPE:NEW ACQUISITION PROPERTY MANAGEMENT
ASSIGNMENT LENGTH:2001 – 2011

THE OPPORTUNITY:

Maple Oaks Estates islocated one mile from the Middletown interstate 75 interchange. Maple Oaks benefited from consistent growth at the interchange with the addition of the Atrium Medical Center a 250 bed hospital and state of the art medical campus as well as a desirable mix of retail and restaurant services. The apartment community provides desirable two- and three-bedroom townhome floor plans with privateentries, private patios, washer/dryer connections in the units and a community swimming pool.
Maple Oaks Estates is a quality C class apartment community. Flanked by two of the fastest growing municipal areas, West Chester to the South and Springboro to the North, economic stability was found in providing a clean, well maintained and affordable apartment home with convenient access to a number of lifestyle amenities.

THE APPROACH:

Ackermann Group’s strategy was to acquire and increase revenue through quality and consistent operational management. By implementing corporate standards and practices Ackermann Group successfully improved the operational systems, efficiencies and curb appeal of the apartment community, benefiting both leasing and resident retention.

THE ADDED VALUE:

The operational advancements paved the way for 5.2%average annual rent growth during the investment period.Total Gross Income grew 33%, an average of 3.3% per year while Net Operating Income increased by 20% for an average of 2% per year. Consistent NOI growth and a well-executed asset preservation programresulted in averageannual cash on cash return of 14.05% between 2001 and 2011.