Case study

Lake Shore

Springfield, MO

Lake Shore Apartments are comprised of 396 units in Springfield, Missouri. Metonic acquired the property in 2018. Springfield ranks #1 in population growth and is the third largest city by population in the state of Missouri. The site is located in a populated area, includes a private lake, and is nestled behind highly trafficked retail and amenities at the crossroads of two of the major thoroughfares in the city.

Lake Shore Apartments have exceeded rental income growth expectations in comparison to local competition and Metonic’s initial underwriting while maintaining 97% average occupancy since purchase in 2018. To date, 359 of 396 total units have been renovated yielding an average ROI of 22%.

The property has significantly outperformed our initial underwriting with YE 2023 NOI 17% higher than projected. As a result of property performance and refinancing, the Lake Shore has returned 105% of investors’ equity in just under six years.