248-unit property located directly on the Halifax River in Daytona Beach, FL. What was formally Eagle Bay Apartments, was a run-down asset near the bottom of their growing market. Delinquency Rates were near an all-time high along with an increasingly decaying asset.
In addition to several capital improvements, a large emphasis was placed on reaching out to a better demographic of potential residents. New leasing procedures were introduced to help maximize lead potential. A stronger focus on retention and prospect quality allowed for a more stable tenant base.
• Average occupancy at 95%
• Rents have raised on average $100+/door
• Re-positioned from C- to B class property