Oakdale Square
Oakdale Square is a 200-unit, Class B apartment community located in Bloomington, IN and built in 1972.
Property Key Features
Market:
Bloomington, IN
Number of Units
200
Date Acquired:
01/24/2017
Oakdale Square is a 200-unit, Class B apartment community located in Bloomington, IN and built in 1972.
When acquired, the property was considered a class C asset with most interior finishes being the original from 1972. After a modest, but transforming, renovation of the interiors including refinishing cabinets, new hard flooring, adding washer and dryer hookups, and updating the clubhouse, our management team was able to increase rents by over $150/m, while at the same time also reducing expenses. This targeted value add program gave a lift to NOI that, in combination with slight cap rate compression in the market, led to a 78% increase in asset valuation.
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Abbey Court
Full-Cycle Project
Net IRR: 38%
Equity Multiple: 3.44x
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