Fairmount Terrace, located in Philadelphia, just a mile from City Line Avenue and immediately adjacent to Fairmount Park is a 162 garden-style apartment complex and was under-performing and poorly managed when GPX purchased it. GPX developed a plan to stabilize the property with an initial $2.2 million capital improvement plan.
GPX installed new roofing, new HVAC units in the apartments, significant asphalt and sidewalk repair, re-landscaped the property and painted both interior common areas and exterior balconies and railings. At the time of acquisition, there was a significant bad debt at the property and little enforcement of the leases. GPX re-staffed the property, removed non-paying tenants, and created an entirely new atmosphere at the property. As shown in the chart below, NOI increased annually each year of ownership. GPX sold Fairmount Terrace in 2014 to an institutional real estate investment fund.