Sample Transactions:

The Swift at Riverdale Park (Formerly Riverdale Towers)

The Current at Riverdale Park (Formerly Calvert Park Apartments)

Riverdale, MD

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WAO acquired these properties in August 2020 and immediately brought its management
philosophy to bear. Despite taking over during the pandemic, WAO successfully rebranded the
buildings by making significant capital expenditure investment in the property exteriors and
mechanicals. Coupled with its strategy of cutting wasteful expenses that did nothing to improve
the property or the quality of life for the properties’ tenants, WAO was able to reduce expenses
by 30% while maintaining revenue despite the pandemic. 

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Oaklee Village Apartments- Baltimore, MD
Acquired in April 2017, the properties were repositioned and WAO made significant capital expenditure investments in upgrading the property to gain the upside potential in the Catonsville market. In the course of doing so, WAO worked with it’s professionals to bolster occupancy at more than 96% and was able to achieve rent increases across the property. Just 15 months later, WAO was able to refinance the property that was valued at 50% more than the purchase price. Currently Oaklee Village is 97% occupied, 99% leased and operating at a 42% expense ratio.

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The Vue at Oxon Hill (formerly Chevet Manor)- Oxon Hill, MD
Since the acquisition of the property in November 2018, WAO implemented thoughtful tenant-oriented lifestyle upgrades and amenities in tandem with a capex program designed to upgrade the property. Some notable highlights from WAO’s efforts include: 1) installing storage units available for rent ($70/month); 2) implementing a $65/month utility fee in order to capture monthly utility charges as another source of income; 3) amenitizing the property with a gym, business center, media center and outdoor grill park; 4) replacing the roof and repairing/upgrading mechanical equipment to decrease maintenance costs. As a result of these efforts, WAO has increased rent at the property by 120%, reduced operating expenses by 21% and maintained 96% occupancy since the purchase of the property. 

 

Wethersfield Avenue Portfolio (5 buildings directly opposite Colt Park)- Hartford, CT

Acquired a portfolio of 140 units in February 2016 in Hartford, CT for $37,000 per unit. After 1 year of ownership during which investors realized more than 12% cash-on-cash returns, the market value soared to more than $50,000 per unit, which allowed us to sell the properties at a significant return.