Water's Edge Repositioning

Water's Edge was acquired in 2022 at the peak of the cycle. Rents sat well below market, the product was dated, and the community carried significant renovation upside that had never been captured.

Ownership needed a plan that produced income growth quickly without destabilizing occupancy, and a capital story a lender would underwrite.

We led a capital improvement campaign of more than $1 million: full interior renovations with quartz counters, upgraded cabinetry, LVP flooring, stainless appliance packages, and in unit washers and dryers.

Exterior work covered full siding replacement and paint, finished garages with epoxy floors, an outdoor kitchen and fireside lounge, a tennis court, walking trails, and an off leash dog park.

Operations were tightened in parallel. We implemented a ratio utility billing system, optimized expenses, and sequenced renovations with natural turnover so residents stayed comfortable.

Top line revenue grew 46 percent. Renovated homes earn a premium of more than $600 per month, roughly a 30 percent return on renovation cost, and classic home trade outs exceed 20 percent.

Renovated homes now rent between $2,600 and $2,995, with the average two bedroom at $2,741, about 52 percent above the neighborhood median of $1,801.

A Fannie Mae cash out refinance was completed in 2026. Of 76 homes, 38 are renovated, leaving roughly half the community as further upside.

Water's Edge is a 2026 WMFHA Emerald Awards finalist for Renovated Community of the Year.