Since the acquisition of The Retreat at Rocky Ridge in Hoover, Ala. through Timberland Partners Apartment Fund VIII (TPAF VIII) in mid-October, our team has taken multiple steps to reposition the property within the market.
“Given the location and the strength in leasing at this community and the market as a whole, we are confident there is significant value to be realized here,” noted Aaron Spiegle, acquisition specialist for Timberland Partners.
With each acquisition, the team evaluates the property’s performance along with potential ways to add value through increased net operating income. Upon acquisition, Timberland Partners received valuable feedback from this community’s on-site team, noting that there are several other properties within the market with “Rocky Ridge” in the name, which routinely led to confusion among prospective residents. With this in mind, the team decided to rebrand the 206-unit apartment community as The Halston to differentiate it within the market.
In addition to renaming the community, the capital improvements team identified deferred maintenance issues that needed to be cured in order to properly maintain the asset that also enhanced the community’s curb appeal. On the exterior, Timberland Partners made drive-by community renovations, such as replacing all of the roofs and repainting every building with an updated paint scheme. The new paint colors reflect the new look and feel of the property after being rebranded as The Halston.
Interior renovations are also underway. Timberland Partners is replacing the carpeting in the garden-style apartment community’s one and two-bedroom units with faux-wood vinyl flooring, along with replacing the existing cabinet fronts with new modern fronts. Additionally, washers and dryers will be added to the units, significantly increasing the marketability of these apartments to prospective residents.
Moreover, the community is slated to receive some common area upgrades including, a clubhouse refresh, as well as a new dog park, picnic area and updated pool area. As the third property in Alabama, Timberland Partners is excited to expand our footprint in the Southeast and feels confident in this property’s potential to generate revenue for our investors.