Ashland Woods
Ashland, MA

Constructed in 2016, Ashland Woods is a 60-unit multifamily rental community purchased by COPA in November 2021 for $18.275M from the original property developer. 

Acting to stem a significant loss to lease, COPA deployed an extensive pre-funded capital improvements program upon acquisition aimed at enhancing resident amenities, updating common areas, and renovating original unit finishes to premium scope.  Moreover, the property was not in compliance with emergency egress requirements. Sponsors coordinated a team of architects, engineers, and contractors to exact retrofits that brought the property back into full compliance with applicable building codes to the satisfaction of local authorities. 

Since acquisition, effective rents have increased in line with those of its direct comps, occupancy has trended close to 100%, and ancillary sources of income (parking, storage, etc.) have gradually been restored to underwritten levels.