Willowood

Description

Marcus & Millichap is pleased to present Willowood, a 125-unit apartment complex located in the Northwest submarket of Trotwood, OH. The community consists of twenty-three studio apartments, eighty-five one-bedroom, one-bathroom apartments and seventeen two-bedroom, one-bathroom apartments. The asset is currently 92% occupied and has 71,375 rentable sqft. on a total of 9.87 acres. Willowood offers incoming investors an opportunity to continue the renovation value add plan, benefit from the recent capital expenditures, and capitalize on the positive characteristics of the property.

Renovation Value Add Plan – Willowood has had forty-five units renovated over the past two years. This includes new LVP flooring, cabinets, countertops, black appliances, paint and hardware. The renovated units are getting a $81 premium on studio units, $182 premium on one-bedroom units and a $201 premium on two-bedroom units. An incoming investor can continue this renovation value add business plan with the remaining eighty units to increase the NOI and value of the property.

Recent Capital Expenditures – In the past two years, Willowood has had the following capital expenditures:
• $26,000 of landscaping/tree removal
• Renovated old maintenance office for new leasing office; bringing old leasing office (one-bedroom unit) to be added back to the unit count
• Mill/pave and resurface parts of the parking lot; restriped entire parking lot
• Exterior painting on all buildings with siding and trim replaced where needed
• New dumpster enclosures
• $71,000 of water draining work for proper storm water flow
• Railroad retaining wall replaced in three areas
• New site sign, office sign, and address signs
• Sidewalk repairs or replacements where needed

Positive Property Characteristics – Willowood is a Phase III Cardinal Construction property built in 1983. All units are ranch style with individual entrances and patios. The one-bedroom and two-bedroom units have a utility room with washer/dryer hookups. All HVAC systems are PTAC units – tenants pay for both heating and cooling through their electricity bill.

Listing Details