With 178 units spread over 7 acres, Bala Scandia was undermanaged and undercapitalized. At $963, rents were considerably lower than the market average, making it a prime candidate for a value-add project.
Brighstone renovated the property, painted the exterior, installed new roofs and railings, upgraded the landscaping, resealed the asphalt, placed new signage, redecorated the leasing office, and added a fitness center and dog park, and new pool furniture. In addition, each unit received new appliances, kitchen cabinets and countertops, lighting and plumbing fixtures, and bathroom tiles. From a worn-out, tired complex, Bala Scandia was transformed into a vibrant community. At sale, rents were $1,469 on average, an increase of 30%.
Purchase Date: October 2018
Date of Sale: August 2021
Purchase Price: $20 Million
Renovation Amount: $6.7 Million
Sale Price: $34,650,000