Park Terrace Apartments

Project Description

Premier acquired Park Terrace, a 208-unit market rate apartment community in Toledo, Ohio, in the fall of 2000. The community occupies seventeen acres in a beautiful park-like setting located just minutes from the University of Toledo and the Medical University of Ohio. Each one and two bedroom apartment features an individual entrance and access to numerous amenities including a pool, tennis courts, and a clubhouse/fitness area.

At the time of acquisition, the property had a 15% vacancy, a large accounts receivable balance, low rents and a deteriorating physical plant.

Premier quickly implemented a program to increase the curb appeal, address the deferred maintenance issues, and during the first year, we turned over approximately 80% of the existing residents with rental rate increases, enforcement on collections and eviction of problem residents. The program worked well as the property continues to achieve healthy occupancy rates and generate a positive cash flow.

SELLER: Family Estate
SIZE: 208 Units
TYPE: Multifamily