OPPORTUNITY
The potential to acquire over 350 Cardinal style units spanning over 4 properties. The assets needed stabilization, with occupancy dipping into the 70% range while also suffering from massive turnover. Collection totals had fallen to below 60%.
EXECUTION
The Cardinal Industry is unique in that all buildings and unit types have symmetry. Gaining a thorough understanding of the layout and structure of the units allowed for streamlined unit turns and in-house rehabilitation. A property face lift was conducted, with vinyl sidings added to all buildings to portray the cottage style community, bring a more modern feel to the asset.
OUTCOME
• Properties rank among the highest in the company in
occupancy
• Consistently total over 95% of GPR.
• Turnover is at record lows, creating cost effective
solution for seniors