Value Creation
Treeview Apartments
LOCATION:
780 Division St, Kingston, Ontario
Purchase Price: $12.15M
Cap Rate: 5.18%
OPPORTUNITY:
A one-bedroom unit was being used as a storage locker
Tenants were not being charged market rates for parking
Building owner was providing free internet to tenants
IMPACT:
Improving curbside appeal, both in landscaping and parking lot maintenance
Painting the corridors
Bringing all turnover suites to a minimum standard including:
- Contemporary lighting and interior finishes
- Replacing older appliances stainless steel appliances fridge and stove
- Addition of over the range microwave and dishwashers as well
Appraised Value: $19.15M
Cap Rate: 4.45%
Increase in Value: 58% ($7M)