Case study

Lake Shore

Springfield, MO

Lake Shore Apartments is a 396-unit, institutional-grade, Class B apartment community in Springfield, MO acquired by Metonic in 2018. Springfield ranks #1 in population growth and #3 in population in the state of Missouri. The site is located in a population dense area nestled behind a highly trafficked retail area at the crossroads of two of the major thoroughfares in the city.

Leveraging location, the resident-exclusive lake on site, spacious units, and a strong amenity set, Lake Shore Apartments has exceeded rental income growth expectations in comparison to local competition and underwritten expectations. This competitive advantage allowed us to maintain 97% average occupancy since purchase in 2018. To date, we have renovated 305 units yielding an average ROI of 21%. 

The property has significantly outperformed our initial underwriting with YE 2021 NOI 11% higher than projected. Stemming from value-add projects and property appreciation, Metonic estimates the property’s current value at $45.4MM, $12.8MM higher than our purchase price of $32.6MM. 

2.7x

Multiple

27%

Estimated Net Leveraged IRR

63%

of Investor Capital Returned