Lake Point Terrace

1706 Lake Point Dr. Madison, WI

Ansonia created significant value by making strategic improvements to reposition this 125-unit garden apartment community that was purchased off-market directly from the foreclosing lender. Though occupancy had slipped below 60% and the property had suffered from years of neglectful ownership, Ansonia recognized a well-located infill community with appealing features and the opportunity to add value with new amenities. Crisp new awnings, a new color scheme, and new exterior doors herald the renewal of this property, where occupancy has stabilized at 95% occupancy. Residents appreciate the newly constructed Resident Lounge and Fitness Center, which also creates an inviting environment for prospects in the adjacent new leasing and management office. In-unit washer/dryers were installed in the largest apartments, offering a coveted amenity. Building lobbies and hallways received a long overdue makeover utilizing a contemporary color scheme and upscale finishes and lighting. Capital was invested in other areas as well, including a new high-efficiency heating plant to increase resident comfort while reducing energy consumption, new roofing, and select upgrades/replacements in the apartments.

2 E. 8th

Chicago, Illinois
330 units

Ansonia affiliate purchased the non-performing first mortgage note on this 28-story mixed-income high-rise provided a path to acquisition of the fee interest at a time when tax considerations ruled out a sale by the owner. Ultimately the property was acquired by a deed-in-lieu of foreclosure. Net operating income from the 330 apartments, 204 parking spaces and 30,000 square feet of retail space increased by more than 150% in the first full year of operation, as new management practices were implemented and rents were rationalized and brought to market rates. To help support the repositioning of the property, the common areas were renovated and deferred life-safety and maintenance items were addressed.