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.
TRANSFORMATION PROCESS
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.
LIVING ROOM
In each living room Global Construction replaced all the window coverings, resurfaced the window seals, painted the unit interiors, installed new baseboards, replaced outlets and covers, updated the flooring, and installed new ceiling fans. Additionally, the front doors of each unit were painted to give them a refreshed look.
KITCHEN
In the kitchen we replaced all of the appliances with brand new stainless steel appliances along with new sinks, faucets, flush mount lights, fixtures and cabinets. We salvaged the cabinet boxes, repainted them with a dark gray tone and then replaced the door faces and hardware to give it a cleaner and more modern look. New quartz countertops in the kitchens helped complete the look and feel of the once-dated units.
BEDROOMS
Previously, the bedrooms had worn out carpet, old and dirty light fixtures with no fans, chipping paint and closet doors falling off the hinges. All of the bedrooms received new lvt flooring and we replaced the old five fold closet doors with new bypass sliding doors. This alone gave the room a cleaner and sleeker feel. To top it off we gave all the walls a fresh coat of paint with new light fixtures and ceiling fans.
BATHROOMS
Upon entering into the old run down and unrenovated bathrooms you were welcomed by eyelashes stuck to the mirrors, cloudy shower doors, stained vanities and dirty medicine cabinets. When we were finished with the bathrooms it was a complete 180.
We removed the shower doors and replaced them with sleek black shower rods to match the theme throughout the apartment. We also removed the medicine cabinet and instead added large mirrors along with new vanities to give a modern feel. Last, we resurfaced the tubs as needed to keep everything looking fresh and new.
THE RESULTS
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.