Southern Meadows 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 Bayport, NY Investment Date February 1995 Project Size 452 units Transaction Type Complex Situation / Strategic Renovation Status Realized Opportunity Acquire a well-located property at a significant discount, due to the complexities associated with purchasing from the U.S. government Install new management to improve market reputation and performance Create an institutional quality asset by improving units and apartment community center Improve building and mechanical systems for higher efficiency and functionality Build institutional grade amenity center on excess land purchased with the property, which at the time was a novel approach to the Long Island apartment market