184-unit asset, located in Tampa, FL, just minutes from USF, was previously operated by a 10-year out-of-state owner. The property was failing to meet market standards with occupancy below 85%. The property suffered from inadequate marketing and unfavorable traffic which resulted in low retention. The exterior was in a dilapidated and decaying state.
A capital improvement plan was specifically created to include large-scale cub appeal enhancements and unit renovations. A new color scheme, improved landscaping and standardized sign revitalize the feel of the asset. Several amenities were added including a dog park and a gazebo. Move-in requirements were raised immediately to match a stronger marketing outreach.
• Rent’s increased by an average of $200/door
• $6M Increase in Appraised Value over 12 months
• Re-position from C to B Class property
• Occupancy at resting 99%
• Turnover reduced by 60%