Asset Class Reposition to Increase Property Value

Asset Class Reposition to Increase Property Value

Opportunity
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.

Execution
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.

Outcome
• Average occupancy at 95%
• Rents have raised on average $100+/door
• Re-positioned from C- to B class property

Management Procedures For Increasing Profits

Management Procedures For Increasing Profits

Opportunity
Rolling Hills is a large 240-unit community located in Orlando, Fl, where occupancy was at all-time low challenged by an influence of crime. A new tactical approach was needed to orchestrate the turnaround.

Execution
Upon takeover, there was a strategic removal of problem tenants to help with high delinquency. An overall focus on safety (Crime Free Housing Authority) and property cleanliness helped revitalize the impression of the community. Enhanced curb appeal, new staff and improved leasing protocol were accompanied by several interior improvements to help draw in a more favorable demographic.

Outcome
• Rents raised by an average of $190/door+
• Expenses reduced by 35%.
• Average occupancy at 99%.
• Crime significantly decreased.
• Property Repositioned from C to B class
• Collections raised from $150k to $200k+ since takeover