Arsenal is happy to announce the successful exit of Schuetzen Lane Apartments. This was another successful value-add project that was acquired November 2017. Arsenal executed it's value add business plan, raising rents $208 per door on average and realizing a 4X return on equity after the sale.
This deal is a prime example of Arsenal capitalizing on opportunities where others do not see how to add value. Not only was Arsenal able to push rents through cosmetic updates, they succeeded in decreasing operating expenses through more active management. This deal was sitting on the market for several months before Arsenal was able to negotiate proper terms to maximize returns.
This asset was sold to a Connecticut investor. Arsenal continues to manage the assets for it's coastal clients and continues to take on new clients each month, growing the asset management arm of the company at a rapid clip.