Location

EXECUTIVE SUMMARY:

Kirkwood House boasts an attractive mix of one-bedroom and two-bedroom apartment homes ranging in size from 700 to 900 square feet. Kirkwood House Apartments was built in 1965 and has been exceptionally well maintained over the years with mature trees and meticulously cared for landscaping.

Currently this property is operating at 96% physical occupancy, and for many years has maintained this level of performance. Perhaps even more impressive than this asset’s occupancy are the improved rents ownership is achieving on renewals and new leases; the property’s current rents are below market. The property is operating at a stabilized level of operations; however, we are of the opinion it is operating below its true potential. Based on our meticulously conducted rent comparable study, it was determined that rents are below market when applying the current street rents.