Location

EXECUTIVE SUMMARY:

Serenity Park features an attractive unit mix of apartments:
• One-bedroom units average 632 sq.ft.
• Two-bedroom units average 950 sq.ft.
• Three-bedroom units average 1,600 sq.ft.
The property also features 81 two-bedroom townhome units averaging 1,044 square feet and 6 two-bedroom, 1.5 bath townhome units averaging 1,101 square feet.

The property has been meticulously maintained and is in pristine condition with recent updates on all units. The community offers a variety of amenities, including a pool, bark park, fitness center, playground, and an attractive and well-maintained outdoor courtyard.

Current rents are significantly below market as noted in the rent comparable study, with all three units types over $150 below market. While unit interiors were all completely renovated in 2003, rents for these units are still below competitors rates for classic unit styles for the same vintage. An upgrade program was recently started at the property and new lease rents on the upgraded units are achieving a roughly $100 premium.