Case Study

Colonial Manor Apartments

J+G Companies has a very thorough due diligence process when considering a potential investment opportunity. Three standards we consistently look for in a potential asset are:

Is this property located in a desirable market and available below market value?
What rehab is needed to maximize rents?
Can our award-winning property management team optimize operational efficiency?

Upon acquisition, Colonial Manor Apartments needed extensive work. Seeing the challenges as opportunities to add vale, J+G Companies identified the below to address to make a positive and lasting impact.

The Colonial Manor Apartments renovation project included approximately $1M of both major interior and exterior work. These renovations resulted in a market rent increase of $175-275 per unit. Additionally, allowing pets – with certain restrictions – makes it possible to market to a much larger client base.

Colonial Manor Apartments

Location: Evansville, Indiana
Units: 166
Purchase Date: 03/05/2020
Purchase Price: $4,150,000

Exterior Renovations

Doors and shutters painted uniformly
Back porches refinished
Sump pumps installed
Created dog park
Replaced playground equipment
Non-working chimneys removed
Pergola installed
New mulch

Interior Renovations

12 heating systems replaced with high-efficiency units
Blinds installed in all windows
Walls painted
Kitchen cabinets painted, new hardware installed
Appliances replaced as needed
Flooring installed as needed
Leasing Office completely renovated

The property management enhancements also added to the success of this property. Beyond the renovation of the Leasing Office, processes were put into place to create a professional and knowledgeable team as well as a top-notch maintenance team. All making for a quality experience for residents and potential residents alike.

Colonial Manor Apartments Pre Post Acquisition