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Park Glen Village Green’s Minneapolis market success led to the addition of Park Glen to its Minnesota portfolio. At 290 units, the apartment community is in St. Louis Park and provides suburban living with city life convenience. With Village Green managing the property, 2008 ended favorably at Park Glen, with more than a 9% increase in total income. Net operating income was nearly 6% favorable to budget (compared to more than 8% unfavorable the year prior) and 11% higher than 2007. McDowell Place Located in Naperville, a picturesque western suburb of Chicago, McDowell Place joined Village Green’s portfolio in mid-2008. With 400 apartments, the park-like community with tennis courts and a private lake, features apartments and town homes with wonderful unit amenities such as fireplaces, abundant closet space, private patios and Whirlpool® ® appliances, as well. In just six months, the apartment community’s occupancy, even while under renovation, increased almost 20% from the previous management and continues to trend positively. Cobbler Square Village Green added another historic asset, Cobbler Square, to its downtown Chicago portfolio in December 2008. This old Dr. Scholl’s shoe factory features 295 loft-style apartments with brick and beam construction and is in one of the city’s most popular urban neighborhoods. Within just two months, occupancy improved by 5% and continues to trend favorably. Village Green also has recommended in-unit and common area renovations to maintain the property’s stature and ongoing success. The Reserve at Barry By overtaking the management of the Reserve at Barry in Kansas City, Village Green entered its second new market in the last six months. This 690-unit property is on 75 expansive acres and features two swimming pools and playgrounds, as well as a wide range of amenities. Since joining Village Green’s portfolio, the Reserve at Barry has improved physical and economic occupancies, lowered delinquency, increased referrals via personalized outreach and effectively merchandised highly exposed floor plans. Kingsridge Kingsridge is Village Green’s second Kansas City-area apartment community and ideally located 25 minutes from downtown, close to the airport and moments from entertainment. In less than six months, occupancy at the 160-unit property increased by nearly 15 percent by implementing Village Green’s proven programs such as placing a recent MIT graduate on site, putting policies and procedures into action and raising the standard for market-ready apartments. Skyline at Evanston Continuing our market expansion in Chicago, Skyline at Evanston joined Village Green’s portfolio in early 2009 a few months after its lease up had begun. This brand new, 221-unit community has a desirable address for Lake Michigan beaches, high-quality schools and short commutes to work in Chicago and at nearby Northwestern University. Using Village Green’s established lease-up techniques, the experienced team already has increased occupancy, made valuable referral relationships, and executed stronger merchandising. Village Green on Lake St. Clair Village Green on Lake St. Clair celebrated its $4 million renovation in November 2008, with an afternoon affair full of excitement. Local chamber members and Harrison Township Supervisor Anthony G. Forlini joined Village Green associates in cutting the ribbon at the property’s renovated clubhouse. Southernside Apartments A welcome addition to Village Green’s St. Louis portfolio, this brand new, tax credit community began leasing in mid-2008 and has stabilized and achieved initial certifications. Spanning 15 acres in St. Charles County, Southernside Apartments features one-, two- and three-bedroom garden style units. The community also features a 3,075-square-foot clubhouse with a fitness center, great room, game room, laundry facility, business center, locker rooms and swimming pool. Sussex at Kingstowne Village Green entered Virginia in September 2008 by gaining the management contract for this large 556-unit apartment community. Due to a proven renovation with the owner’s properties in the Chicago area, Village Green coordinated a similar successful effort at Sussex at Kingstowne that improved the property’s appeal and increased income. Located in Alexandria and in proximity to all the nation’s capital has to offer, the community is a welcome addition to the portfolio.
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