The previous owners had owned Maple Glen Apartments for approximately 10 years, however they lacked the capital andfocus to properly manage the
property. At the time of acquisition, 15 out of 48 units (31%) stood vacant. High expenses, and lots of deferred maintenance also lead to it losing over $2000.00 each month.
Structurally, the buildings are in very good shape, but the units and common areas needed some attention – primarily updating and cleaning. With, a good location, large, bright, spacious living units and plenty of parking this represents an opportunity to purchase latent value.
We acquired this property on Feb 15, 2010, and have since refurbished and renovated many units.