CapRidge acquired these 2 assets in one of the best submarkets of Charlotte, NC in 2015. With tired finishes, occupancy of 80% and prior absentee ownership, this property offered the chance to complete cosmetic renovations, push rents, finish the lease up to market occupancy, and showcase our hands on customer-focused level of service.
Our investment strategy centered on completing our capital program – with upgrades to the lobby, restrooms, corridors, amenities, outdoor courtyard and elevator cabs – improving the marketability of the property by demolishing/white-boxing existing vacancies and selectively building spec suites, pushing rents, and implementing our hands-on approach to management.
We were able to reposition the assets as the best asset in the micro-market. Rents were increased 19% and NOI 64% during our 4 year ownership.