Stoneridge Apartments
Norman, Oklahoma
Virtú’s strategy was to modify the extended stay hotel use to once again be appealing as a multifamily asset as well as complete a lease up of the asset.
Case Study:
Academy Lane
Davis, California
The strategy for this investment was to take advantage of a previously under-managed asset in a strengthening student market
- Year built
- 1959
- Total units
- 157
- Class
- B
- Renovation
- $741,143
Opportunity
Student market was surging based on growing college enrollment and limited apartment stock additions.
Property was purchased from a long-term owner focused on filling vacancies early in the student leasing cycle with less emphasis on rent rates.
Units located on train tracks and experiencing significant sound transfer.
Results
- Improved renter experience
Property made significant progress in reversing negative online reviews, achieving a 92% recommended score on apartmentratings.com as well as a four-star rating on yelp.com.
- Significantly higher rent
Next-level unit renovations commanded significantly higher rent and allowed prospective buyers to assume an enhanced level of renovation could be successfully deployed across the property.