Property Details
Description
Location
Highlights
Rapid Lease-Up Performance
Glenfield Park is demonstrating exceptional market performance, achieving a remarkable 96.7% occupancy rate within just 10 months of completion. This swift lease-up underscores the property’s strong appeal and strategic positioning, solidifying its status as a top performer in the market.
Sought-After Submarket
The city of Blaine has experienced over 20% population growth since 2010, driven by its desirable qualities. It offers a unique blend of suburban tranquility, excellent schools, and appealing recreational amenities. Additionally, its convenient access to major highways makes it an attractive choice for families and professionals seeking a balance between urban accessibility and suburban lifestyle.
Garage Parking Upside
Glenfield Park presents a significant opportunity for immediate income growth through the introduction of garage parking fees. Currently, each lease includes one free garage stall, whereas
competing properties charge between $75 and $100 for similar parking arrangements.
Broader Implementation of RUBS
There is an opportunity for new ownership to expand the implementation of the Resident Utility Billing System (RUBS). Currently, gas and heat costs are not billed back to residents, presenting an opportunity to improve cost recovery and enhance the property’s financial performance.
Resort-Style Amenities
Glenfield Park epitomizes suburban, luxury living with its resort-style amenities. The landscaped gardens, pristine swimming pool, state-of-the-art fitness center, and exclusive clubhouse all reflect a commitment to sophistication and comfort.