Parc Station - 150 Units

Santa Rosa, CA

  • Purchased the asset in May of 2014 for $12,700,000 ($84,667 per door)
  • 100% of the units are 1-bedroom apartments
  • Total acquisition cost was $14,075,000 requiring equity of $4,550,000
  • $940,000 of capital improvement projects were completed in the first year
  • Increased 1-bedroom rents from $850 per month to $1450 per month, which was a total income improvement of $90,000/month or $1,080,000/year
  • Improved NOI from $760,000 to $1,800,000 (T12 actual $1,675,000) in less than 3 years
  • Added a supplemental loan in Q4 of 2015 and returned 100% of the $4,550,000 in equity plus $1,381,000 in additional proceeds
  • We plan to add a second supplemental loan and return an additional $3,000,000 to our investors in early 2017

Parc Station Apartment Homes (previously Lamplighter Senior Citizens Inn) is a 150-unit apartment community. The previous owner developed the asset in 1970 and provided the community with affordable senior housing with limited amenities and no esthetic upgrades to the exterior or the interior of the property.

Tilden Properties raised the necessary capital funds prior to acquisition and made significant upgrades to the community including a new fitness center, updated clubhouse, updated laundry facilities and modern updates to the exterior and interior of the asset. In addition, we hired a professional management company to run day-to-day operation.