Units: 63
Built: 1981
Acquired: May 2019
Status: Sold November 2020
Arcadia Lofts, formerly known as Affinity on 40th Apartments, is a partially affordable apartment project that WGP acquired in May 2019. WGP’s business plan included a complete exterior and common area renovation featuring new branding, paint scheme, landscaping, and overhaul of the property’s interior courtyard. The property’s leasing center and fitness center were also dramatically improved.
Generating significant rent increases on the market rate units through a comprehensive interior renovation scope and strategically maximizing the income potential of the property’s 32 “affordable” units, WGP unlocked a great amount of value in a very short period of time.
The property sold in November 2020, six months ahead of the business plan’s schedule.