Ashford Place Apartments offers one- and two-bedroom apartment homes that feature wood-inspired flooring, walk-in closets, and a washer/dryer in each unit. Community amenities include a pool, a yoga studio, a dog park, and a picnic area.
Ashford Place, Huntleigh Woods, and Southern Oaks, three garden-style communities located in the sought-after West Mobile, Alabama submarket, were acquired together as the last three assets of Fund I. StoneRiver carried out a modernization of the unit interiors and concentrated on enhancing onsite management, amenities, property landscaping, and the overall resident experience.
Garden Style Apartments
# of Units
Appealing Basis – Ashford Place was bought for less than the cost of replacement and recent trades of similar properties in the market.
Value-Add Renovations – StoneRiver upgraded the interiors of the units by adding new appliances, vinyl plank flooring, resurfaced countertops, updated bathroom and kitchen interior lighting packages, and installed washers and dryers in every unit. StoneRiver made improvements to the property’s amenities, such as renovating the pool, expanding the fitness center, enlarging the grilling station, improving the dog park, adding a pet washing station, and installing a new fire pit. In addition, StoneRiver updated its exteriors by replacing roofs, overhauling the property landscaping, installing new signage and maintenance shed, and addressing minor deferred maintenance needs.
Management Upgrade – StoneRiver Property Management’s institutional approach greatly improved the management and day-to-day operations of these Mobile assets, increasing rents and other income.
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