11/04/2025
GSH Full-Cycle Case Study: Glengarry Park
Glengarry Park is a three-story, 300-unit apartment community centrally located in the heart of Oakland County, Michigan.
Initially purchased by GSH Group in Q4 of 2019 for $22.6 million, the property was sold at the end of June 2024 for $31.35 million, achieving an impressive IRR of over 18%.
The success of this investment is attributed to GSH’s robust value-add program and management optimization practices.
Over the 4.5 years of ownership, GSH invested $2.5 million in capital improvements, including unit upgrades, exterior work, and beautification of the property grounds. In September 2022, GSH refinanced the asset, returning 30% of the original equity to its investors.
These efforts resulted in a 26.8%, or $404,000, increase in NOI, and an average rental rate increase of 27.3% above the rates upon acquisition. Despite facing significant challenges from COVID-19 and inflation, Glengarry Park performed in line with the business plan, generating a deal-based IRR of slightly above 18%.