ApexOne co-invested with Spectrum Business Ventures to acquire the 345-unit Royal Ridge Apartments from Hudson Advisors on 3/17/11. On the day of closing, the property was less than 40% occupied and in total disrepair. A $3,700,000 renovation program was immediately implemented increasing rents from $.60/sq.ft. to $.86/sq.ft., stabilizing property operations.
Today the property is a vibrant part of the local community and is home to a variety of working-class families and students from nearby Kansas City Kansas Community College. The property is currently performing substantially ahead of projections.