Redevelopment Case Study: The Ivy

If Wasko is the prototypical TWG project, The Ivy was the first example of a Wildcat Group transformation from start to finish.

What made The Ivy unique?

Before we acquired it, The Ivy was a severely outdated property in a truly excellent location. In addition to generally outdated finishes and parched, poorly designed grounds, the 1940s-vintage property also had a maze of overhead power cables criss-crossing the grounds. Despite these challenges, the complex was located near Tucson’s El Con shopping center and directly across from Reid Park, with its sports facilities, zoo, event venues, and walking paths. We identified the location as a strong one and developed a plan reposition The Ivy to best take advantage of it.

How did we do it?

Our first order of business was to handle all the overhead powerlines. We dug several trenches throughout the property grounds, and then collaborated with Tucson Electric Power to bury the cables underground. We then strategically re-landscaped the property using artificial turf, which is more sustainable in Tucson’s desert climate than real grass.

Alongside completely renovating each of the existing units, we also converted the basement laundry rooms into additional rental housing units, since each of our apartments is equipped with an in-unit washer and dryer. Finally, we constructed 20 brand-new garage/storage units on-site, allowing residents to shelter their vehicles from the sun.

What did life look like for our Ivy residents?

Residents at The Ivy benefited from the high-quality design and finishes typical of luxury new construction while paying rents that were more in line with older housing stock. With garage parking, storage options, and in-unit washers and dryers, our residents enjoyed apartment life without many of the stresses of rental housing. With downtown Tucson, Davis-Monthan Air Force Base, and a wide range of other employers within a 15 minute commute, commuting was easy. And with Reid Park just across the street, weekends and evenings were never boring.

Redevelopment Case Study: Wasko Apartments

For many reasons, Wasko Modern Apartments is the classic project for The Wildcat Group: an older, distressed building that we redeveloped into a luxury asset available to residents at affordable rental rates.

When we acquired Wasko, it was in very rough condition. Previously named Palm Garden Apartments, police raids were commonplace, illegal drug use was high, and deferred maintenance had grown to a critical level. For many real estate companies, this level of distress would result in a “pass” investment decision.

So what did we see in Wasko?

Potential. While the complex itself was in rough shape, we knew it was located near a number of important local demand drivers. Near a major university (go Wildcats!)? Check. Near a busy retail thoroughfare? Check. Located adjacent to the highly desirable Foothills area, and all the retail and recreation opportunities that area presents? Check. Our heavy lift value-add model prioritizes location over property condition and occupancy rate, and we smelled a slam dunk.

Unique project challenges?

The project wasn’t without its complications, though. For one thing, the plumbing and mechanical upgrades we needed to install in order to equip each apartment with an in-unit washer and dryer set were located in a hard to reach position within the main living space of each apartment. Also, our renovation teams needed to perform their work while the units were occupied. In this case there were no obvious options to minimize resident disruption. To solve the issue, we coordinated our plumbing and mechanical improvements for each unit to take just one business day, while also replacing all of the windows on the same day, allowing us to get most of the work done while the residents were at work.

By the end of the project, each of the 38 apartments offered modern front-loading washers and dryers, granite countertops, locally handcrafted shaker-style cappuccino cabinets, energy-efficient low-E windows, plank flooring, deco lighting, brand new Energy Star appliances and access to a brand new modern fitness center.

Where did the name “Wasko” come from?

Mark Wasko with BSH Builders was a general contractor who worked on this apartment project. Unfortunately, Mark passed away while the project was ongoing. Out of respect and appreciation for Mark and the work he put into this project, the project was dedicated to his memory by renaming the apartments after him.