The Birchwood Apartments were built in 2002. An affiliate of The Excelsior Group (TEG) led the acquisition effort in 2003 including a renegotiation and assumption of a HUD-insured mortgage.
TEG assumed asset and property management responsibilities in June 2005. During this time, TEG has outperformed the submarket in terms of both rent rate and occupancy.
In 2014, to compete with emerging new supply in the submarket, Birchwood executed a partial unit rehab on a demand only basis. Rehabs include stainless steel appliances, plank flooring, carpet, kitchen faucets, curved shower rods, and new light fixtures. In addition, TEG recognized the need for a complete asset management capital plan to be executed over the next 3-5 years. Our team engaged a design firm to create and help execute a plan, which was rolled out in 2014. Areas of upgrade include complete hallway carpets/paint, five community room rehabs, backyard improvements, and a fitness center clubhouse extension.