Repositioning: The Longwood (New England)
This 147-unit Class B multifamily apartment community is located in Boston’s Longwood Medical Area. Despite a desirable location, market rents and net cash flow had languished. The client’s goal was to expeditiously reposition the asset.
- The Right People: The sale of The Longwood required a commitment to local civic associations to respect the current residents while repositioning the property for future success. Wingate’s professionals helped ease the transition by meeting extensively with elected officials, neighbors and residents to share ideas and goals.
- The Right Real Estate: Although The Longwood was located within blocks of Boston’s medical area, the property had disassociated itself from the neighborhood over the years. Wingate marketed directly to the medical community, unlocking property value.
- The Right Results: Wingate increased the average monthly income by 65% and net operating income by 90% over a 3 year time period.