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Apartments > Elmcrest Terrace

Background

Elmcrest Terrace was a relatively small asset in the billion-dollar portfolio of its prior owner, so it didn’t receive the attention it needed to operate at its best. Our investment thesis called for a renewed focus on the property’s recurring operations with initiatives to optimize revenue and right-size the costs. In other words, we approached the asset like a classic corporate carve-out.

Story

All units were renovated pursuant to a thoughful timeline that considered tenancy cycles together with by unit ROI analyses. Substantial exterior work was completed as well including new parking surfaces and a drainage solution. Elmcrest continues to exceed our original underwriting expectations including NOI more than 1 1/2 times at purchase.

Highlights

Location50 Connecticut Ave
City & StateNorwalk, CT
# OF UNITS30
Year Purchased2012