The Altis Cardinal team knows how to identify markets that offer returns to high performing assets and we know how to asses whether its operations are suited to meet the challenge. Some projects underperform despite being situated in high potential markets. These present Altis Cardinal an opportunity to add value through targeted investments and expert management.
Skyline on Fifth was planned as a condominium development in the 1960s, but it was never brought to market as intended. Ownership of the property changed hands for years, including several times during the years of the Great Recession. Finally, Altis Cardinal acquired the property in 2012 while it was operating as an apartment building. The Altis Cardinal team recognized that the property was underperforming and took on the challenge of bringing it to its full potential.
True to its original design as a high-end condominium, Skyline on Fifth’s structure offers wide living spaces and communal areas to host amenities. However, its facilities were worn down, its common areas needed refurbishing and units needed remodeling; Skyline on Fifth needed investment in the right places to reach its full potential.
Altis Cardinal was the right group to bring Skyline on Fifth the investment it needed. Consulting local architects and interior designers, our team recognized the opportunities to add value and applied our construction management know-how to get the job done. We updated the pool area adding grills and local artwork. We modernized unit interiors. We revamped the gym with new design and new equipment. We redecorated the lobby with new floors, local art and new furniture. We created a co-working space for residents and a pet washing station for their pets. This series of targeted investments increased satisfaction from our existing residents and increased demand from new-comers to the area.
Altis Cardinal’s investment in the area didn’t stop at the first acquired property. Our experience at Skyline on Fifth proved that Historic Kenwood was ripe for economic and community growth. We acquired a motel across the street that was attracting undesirable activity and turned it into self-storage facility to serve our community. We acquired two vacant office buildings on our own block to repurpose them as additional apartment buildings for our community. Read our Elements on Third Case study to learn more about these developments.