Alexander at Ghent was acquired by Whitmore in partnership with an investment group as a value-add opportunity sourced through a national brokerage platform. At acquisition, the asset exhibited clear signs of under-management and deferred maintenance, creating an attractive basis for operational and physical upside. Whitmore’s existing ownership and management of a nearby property provided deep market familiarity and reduced execution risk. In addition, the building was designed by one of Whitmore’s preferred architectural firms, offering confidence in construction quality and long-term durability.
The property meets Whitmore’s core investment criteria, including a strong infill location with high visibility, excellent access, and proximity to major employment centers—key drivers of sustained tenant demand and rent growth.
Alexander at Ghent consists of a diversified unit mix of studio, one-, two-, and three-bedroom residences featuring open-concept floor plans and modern finishes. Unit interiors include stainless steel appliances, large kitchen islands, full-size washers and dryers, and high ceilings with crown molding. Select units offer enhanced finishes such as walk-in closets, luxury vinyl wood plank flooring, granite countertops, and private balconies with courtyard or city views. The community is supported by a competitive amenity package, including a resort-style pool with grilling areas, a fitness center, resident lounge, controlled-access entry, secured garage parking, landscaped courtyards, on-site storage, and pet-friendly features—positioning the asset competitively within its submarket.
The business plan focused on comprehensive capital improvements executed while maintaining occupancy. Initial improvements included a full roof replacement at a cost of just under $1 million, followed by extensive interior and exterior remediation to address long-standing deferred maintenance. These upgrades materially improved the asset’s curb appeal, operational efficiency, and resident experience.
Execution of the renovation and management strategy resulted in a materially stronger and more financially qualified tenant base. At acquisition, annual in-place rents totaled $4,287,313. As of today, annual rents have increased to $5,819,287, representing a 36% increase. This performance reflects strong market fundamentals combined with disciplined asset management and targeted capital investment.
Collectively, these initiatives have driven significant equity creation and positioned Alexander at Ghent as a stabilized, institutional-quality asset. The property currently operates at stable occupancy levels just below 100%, supporting durable cash flow and long-term value preservation.
