Discipline Under Pressure

Brookside Commons is a 102-unit garden-style community in the Erie/Meadville submarket, built in 1978 and left to run down under absentee, under-capitalized ownership. Rice Pegher moved aggressively and assumed on-site property management in August 2025, three months before closing, specifically to stop the operational bleeding before the deal changed hands. We closed the acquisition on November 24, 2025, well below replacement costs.

We assumed the in-place Freddie Mac debt on the property that had an attractive, below market rate locked through 2029. We quickly realized, however, that construction draw restrictions prevented us from moving quickly, and we refinanced with a trusted local lender: a small pivot that kept the renovation program on schedule.

Brookside is being rebuilt from the studs out in many cases: new parking lots throughout, refreshed grounds and amenities, interior common area upgrades, fully renovated apartments, new mechanicals and building systems, and a new on-site water treatment facility.

Actual leased rents are already at or above the original underwriting across the property — including the 2-bedroom apartments and 3-bedroom townhomes — while the capital improvement plan is roughly 60% completed.

What Residents Are Saying

“We have been here at Brookside for many years. Since new management took over we have moved to our new home and love it! Michelle was a huge help helping us tour apartments and townhouses until we made our final decision. Tom has helped tremendously with work orders and making accommodations in the unit as well. He does great work and we love them both!” — Longtime Brookside resident

Why It Matters

Brookside Commons is our product in practice: buy a tired garden-style community, rebuild it from the studs out, and deliver new-construction quality at a workforce price. The work isn’t finished, but the results are proving our thesis, and the residents already noticing!