UNIT RENOVATIONS AT ARKANSAS PLACE APARTMENTS
Arkansas Place Apartments, previously known as Lost Creek Apartments, was built in 1973 with three stories and 46 units. The apartments were purchased by Turnstone Capital in September, 2021 for $6.4M. Upon taking ownership over these underperforming apartments Turnstone Capital decided to bring value to the property by doing a full renovation.
Every inch of these apartments were completely run down and barely holding together. There was extensive work needed to bring the living rooms, kitchens, bedrooms and bathrooms up to snuff. The goal for the project: reviving the property with complete unit renovations and raising the property’s value and in turn increasing rents and occupancy rates.
When Turnstone Capital purchased Arkansas Place, they knew they had their hands full. A complete overhaul was in order and after a hefty initial investment to acquire the property, they knew they needed a General Contractor they could trust.
“Global Construction worked hard to value engineer these units and ensure Turnstone Capital would see a high ROI on its investment. I think we did a good job of keeping the project on-budget and on schedule, ensuring they would be set up for success from the moment we handed over the keys of newly renovated units.”
– Erik Good, Senior Project Director at Kapella Group
With the major improvements completed at Arkansas Place Apartments, Turnstone Capital has seen a significant ROI. Not only are occupancy rates much higher than when the property was purchased, but monthly rental rates have increased as well. One bedroom units are starting at $1,095 while two bedrooms are going for up to $1,450. When you look back at the condition of the property when it was first purchased compared to now, you would hardly believe they were the same place.
LOOKING FOR A GC FOR YOUR NEXT PROJECT?
At Global Construction, our motto is “Improving Assets. Enhancing Lives.” This means that not only are we trying to help the ownership group improve their properties, but also improve the lives of the tenants living at the properties we work on. Arkansas Place is a perfect example of this motto coming to life. Not only were we able to increase the ROI of a property, but we were able to transform the insides of the apartments from worn down to refreshed, enhancing the quality of life for the tenants involved.