Remington

The Remington Apartments, is a 145-unit garden-style multifamily community located in Freeport’s established Harbor Lights neighborhood. The property offers a diverse mix of one-, two-, and three-bedroom residences ranging from approximately 675 to 1,356 square feet, with an average unit size of approximately 825 square feet. The unit mix consists of 67 one-bedroom, 68 two-bedroom, and 10 three-bedroom residences, providing a variety of floor plans well suited to the area’s workforce-oriented renter base.

Current ownership has invested more than $2.2 million in capital improvements, including new roofs, new boilers, select HVAC replacements, and moderate interior renovations consisting of resurfaced countertops, cabinetry, tubs and tile, along with updated drywall, paint, and flooring. With no down units and significant capital improvements already completed, incoming ownership can focus future investment primarily on revenue-enhancing initiatives rather than addressing substantial deferred maintenance.

Additional value-creation opportunities include expanding washer/dryer connections, introducing washer/dryer appliance rentals, continuing strategic interior upgrades, and implementing water-conservation measures. Collectively, these initiatives provide multiple avenues to increase rental and ancillary revenue, reduce operating expenses, and drive meaningful NOI growth.