The Fillmore Center Case Study Foxbridge Lynnewood Gardens Apartments Snell Isle Southern Meadows The Columbus Apartments The Cove Apartments The Fillmore Center The Park Kiely The Woodlands of Crest Hill Apartments Market San Francisco, CA Investment Date November 1998 Project Size 1,114 units Transaction Type Complex Situation / Strategic Renovation Status Realized Opportunity Acquire a high-quality property from a motivated seller in a premier multi-family core market of San Francisco Restructure complex financing Navigate multiple city agencies to complete the transaction and renovation Property suffered from absentee ownership and management Significant construction defects existed which had negatively impacted occupancy and reputation Complete substantial repairs to units and exterior, including replacement of all windows, replacement of drywall in 75% of the units and redesign of all common areas Repair parking structure (1,200 spaces) to allow for resident parking Install strong management team to vastly improve community reputation and asset performance Reduce costs through utility savings systems and negotiations with maintenance union