About this Property
Now “Bayview Court Apartments”.
This property represents an opportunity to purchase a value-added acquisition because of gross mismanagement over the previous 15 years. The Streamwood Company is purchasing this property at $57,000 per unit when comparable properties are selling for $85,000 per unit. The Company will accomplish this increase in value by investing $2,000,000 in capital improvements over fir 36 months as well as implementing their management model, which will include strict credit and criminal criteria as well as strong day to day operations from our highly trained on site staff to maintain the value of the asset. The sponsor plans to hold the property for an indefinite time period as their investment strategy dictates long term cash flow. However, RealCrowd investors may stay in for as long as they may desire with the additional option to sell their percentage of investment every 7 years on anniversary date of purchase.
- The Gates (To be renamed Bayside Court) has been mis-managed by current ownership. No capital has been reinvested into the property with significant deferred maintenance needing correction.
- The Streamwood Company will hire, train and manage a professional office and maintenance staff to work with Regional Manager to reposition.
- Rents are below market for area with surrounding complexes operating near 98% occupied.
- Significant infusion of capital projects such as pool, new roofs/landscaping/parking lots, new decks, new kitchens and addition of washer and dryer in each unit will allow The Streamwood Company to significantly raise rents over what is being obtained by current owners.