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Properties

Woodlake Apartments
WOODLAKE APARTMENTS
SILVER SPRINGS, MD


 
Description

Investment Date: February 1994

Investment Cost: $15.9 Million

Improvement Cost: $5.6Million

Sale Price: $27.3 Million

Sale Date: August 1998

IRR: 20%
Woodlake Apartments consists of 534 garden-style apartments in 38 buildings. It is located in Silver Spring, Maryland, within commuting distance of Washington, D.C.

Strategy

After a $5.6 million capital improvement program the property attracted a higher quality tenant base. Occupancy and rental rates increased resulting in increased value.

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Charter Capital Management, Inc.