Cityside Huntington Metro rooftop sundeck and lounge
A man and woman on a sofa enjoying coffee
A man and woman at a desk looking at a laptop screen

Andrews Ridge

Donaldson acquired Andrews Ridge through a short sale and managed a $15mm renovation, consisting of new signage, extensive re-landscaping, amenity enhancements (including a newly constructed community center with fitness, business and youth activities center), new playgrounds, upgraded laundry facilities, building façade and entryway upgrades, renovated stairwells and hallways, new windows and sliders, new balcony railings, lighting upgrades, new roofs, plumbing line enhancements, along with interior renovations to 1/3rd of the apartments.

57.4%
NOI Growth
22.4%
Internal Rate of Return
57.4%
NOI Growth
22.4%
Internal Rate of Return

In addition, Donaldson converted the aging and highly inefficient central plant from a two-pipe central heating and cooling system to all new high-efficiency, individually metered heat pumps including full electrical heavy-up and new electric panels and meters.

As a result, the utility expense decreased roughly 60% and NOI increased an annual average of 57.41% over a 4½ year hold period.

Property Constructed1965
Purchase Price Per Unit$55,733
Renovation Cost Per Unit$30,310
Sale Price Per Unit$120,935
Internal Rate of Return22.43%
Average Annual NOI Increase57.41%