Lake Point Terrace
1706 Lake Point Dr. Madison, WI
Ansonia created significant value by making strategic improvements to reposition this 125-unit garden apartment community that was purchased off-market directly from the foreclosing lender. Though occupancy had slipped below 60% and the property had suffered from years of neglectful ownership, Ansonia recognized a well-located infill community with appealing features and the opportunity to add value with new amenities. Crisp new awnings, a new color scheme, and new exterior doors herald the renewal of this property, where occupancy has stabilized at 95% occupancy. Residents appreciate the newly constructed Resident Lounge and Fitness Center, which also creates an inviting environment for prospects in the adjacent new leasing and management office. In-unit washer/dryers were installed in the largest apartments, offering a coveted amenity. Building lobbies and hallways received a long overdue makeover utilizing a contemporary color scheme and upscale finishes and lighting. Capital was invested in other areas as well, including a new high-efficiency heating plant to increase resident comfort while reducing energy consumption, new roofing, and select upgrades/replacements in the apartments.