This 49-unit six building property is a mix of studio, one- and two-bedroom garden apartments in Florence, Kentucky. It sorely needed improvements and deferred maintenance when Titan acquired it. Our knowledge of real estate, construction and operations enabled us to recognize Ashgrove Apartments’ potential, and is one of the reasons our partners and clients love working with us.
Titan’s construction team cleaned up and painted the exteriors, re-roofed the buildings, landscaped the property and put in a new parking lot immediately. Apartments were upgraded by the Titan team as they turned over, including new laminate flooring, and ceramic tile in kitchens, baths and laundry rooms.
As the property was improved, the market took notice. Titan was able to secure rent increases while going from a vacancy rate of 12% to full occupancy and a waiting list. After stabilization, Titan sold Ashgrove Apartments at a profit to an investment group. We continue to provide third-party property management and construction services for the new owner. This property remains 100% leased with a waiting list.
- Low rise garden apartments
- 49 units in six buildings; 29,000 square feet
- New parking lot and roofs
- Phased upgrades as apartments turn over
- Ongoing renovation, construction and third-party property management services by Titan for new owner
- Profitable rents, 100% occupancy and a waiting list