The Meridian Apartment Homes (previously Oakmont West Condominiums) is a 60 unit apartment community purchased by Tilden Properties in 2012.  The previous owner developed the asset in 1971 providing the community limited attention as well as deferring maintenance and necessary capital improvements. Tilden Properties acquired this asset, allocating funds for the necessary capital improvements and deferred maintenance then hired a professional management company to run the day to day operations.

  • Purchased the asset in June of 2012 for $10,700,000 ($178,333 per door)
  • Total acquisition cost was $11,800,000 requiring equity of $4,400,000
  • $700,000 of capital improvements performed immediately
  • Increased rents in 1 bedroom units from $1,135 per month to $2,200 per month. Increased 2 Bedroom unit from $1,275 per month to $2,500 per month
  • Improved total rental collections from 71K per month to 132K per month. An improvement of 61K per month and 732K annually
  • Improved the NOI from 507K to 1.1 million in a 5 year period
  • Refinanced with Chase in Q3 of 2013 and returned $3,886,667 of the $4,337,865 in total equity
  • Refinanced again with Chase in Q2 2015 and returned the remaining $660,000 in equity plus an additional $1,824,639 in profit