Pine Ridge was acquired out of foreclosure in 2012. At the time of acquisition, balconies were in disrepair, there was no formal leasing office and the buildings themselves were in a state of decline.
Immediately after the acquisition, SDC engaged a capital improvement program to repair and replace all problem balconies, remove all warped and decaying T1-11 siding from the buildings, and replace and repaint all newly installed wood siding along with installing new gutters throughout. In addition to refurbishing the building exteriors, a new leasing office was created in one of the unoccupied units which now includes a separate interior office for the property manager and a visible canopy marking the leasing office entrance for tenants and visitors. Finally, as part of the initial capital improvement program, we added a new boulevard entrance sign, new entrance landscaping, and signage for reserved visitor parking in front of the leasing office.
Interior unit improvements continue to be made as units turn, with lighting fixtures, plumbing fixtures, flooring and door hardware replacement as a standard part of the improvement program.
The property has recovered and has maintained a high occupancy since the capital improvements were made, with annual increases in rents and operating income.