Evergreen recognized the potential synergies of combining both properties and the significant value that could be unlocked by rezoning the property. Achieving the desired zone change created the opportunity for Evergreen to restore 32 down-units, previously slated for demolition, to operational status. Implementing an extensive interior renovation and amenity-addition program catalyzed a significant increase in net operating income. Amenities added included a new community room, fitness center, playground, and dog park. Additionally, a new maintenance shop was built, which freed up two additional units for rent.
The net result of combining the two properties, rezoning and restoring units, adding amenities, and upgrading interior finishes has yielded a 543% increase in NOI since 2019.
Evergreen has gained rezoning approval for developing Terraces at New River in Glendale, Arizona. When completed, the multifamily development will have over 400 residential units along with an attractive array of amenities including a clubhouse, cabana, multiple pool areas, pedestrian trails and open green space.
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