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Apartments > Merritt Manor

Background

Merritt Manor was a neglected property in a tough neighborhood when we purchased it in mid-2011. Fast forward and this former eyesore is a model for the town’s redevelopment program. The residents have a cleaner, safer, more environmentally friendly place to live and we have a steady, cash flow generating asset.

Story

Substantial interior and exterior renovations were completed over an approximate 2 year timeframe, being very aware of and accomodating to ongoing tenancy. Since such time, rates continue to climb on average ~10% per annum and at the same time, costs have been scrutinized and, in some cases, right-sized. Tenants love the fully refurbished property and occupancy near 100% has been maintained. NOI has more than doubled since our purchase.

Highlights

Location143 1/2 South Main St
City & StateNorwalk, CT
# of Units13
Year Purchased2011