The repositioning criteria for a RENEW Program property are more stringent than a typical market rate apartment community.
The property should be...
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...in a submarket where the property being considered is probably the worst product in the neighborhood or the subject property is a stand-alone site. BGI can reposition a property; not an entire neighborhood or submarket. RENEW Program properties must have at least 125 units, have good access to major roadways and have good visibility in its neighborhood. |
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To illustrate the type of product and work needed to reposition as well the kind of results we can expect, the following case study will serve as an example:
Rugby Valley Apartments, College Park, Georgia-(as shown) is located in a residential area of College Park, with middle to upper middle value homes in an older, well-landscaped section of Atlanta. The school system in the area was excellent and the neighborhood had very little turnover. The 1970's apartment community of 176 units was built in the middle of this beautiful neighborhood, but a condo converter had purchased the property with the intent to convert the units. The project was never completed, and the units had all been vacated in anticipation of the conversion. The property became an eyesore and a magnet for drugs, crime, |
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and vagrants. Soon, the once attractive and desirable neighborhood started to experience a decline in value, a decline in reputation and the remaining neighborhood homes owners were desperate to find a solution.
BGI bought the property from the bank for cash. With the team of BGI, Mark Mucasey AIA, and Metzger and Company, the property was redesigned, re-landscaped, rebuilt, and filled with responsible tenants who wanted to live in the area but could not find a decent rental. BGI's vision for the property was an overwhelming success. The city was thrilled, the neighborhood homeowners welcoming, and the area has been restored to its once proud prominence in the submarket. 15 years later BGI still owns this property and remains the gem of the area.
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