2007 MFE Awards
Merit: Apartment Renovation
Madison Park used to be a worn-out 1960s-era apartment complex. But a $12 million makeover by Anaheim, Calif.-based Pacific Property Co. elevated the 768-unit complex to new heights.
Situated on 18.5 acres, Madison Park was originally built to provide short-term housing to professionals. It provides a mix of studio and one-bedroom units ranging from 361 square feet to 724 square feet.
Over a 30-month period, Pacific Property renovated the community's exterior façade and interior units, as well as updated the clubhouse and common areas. The company invested nearly $8 million to enhance the existing architecture with new stucco and paint and to perform deferred maintenance.
More than $800,000 was dedicated to landscape and hardscape improvements, including the addition of a circular drive accented with decorative pavers. The pool areas were renovated to mimic exclusive resorts and now feature palm-fringed pool plazas, private cabanas, and water features. Meanwhile, Pinnacle, an American Management Services Co., came on board to manage the property.
Pacific Property spent between $6,500 and $7,500 per unit, or a total of $3.7 million, to install new flooring, cabinet fronts with designer hardware, new appliances, laminate countertops, new lighting and plumbing fixtures, and two-tone designer paint schemes.
The investments paid off: Madison Park now achieves rents ranging from $995 to $1,700 per unit.