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.