Challenge

Assets were operated under inadequate management, and financial performance was below market for over a year.

Execution

Successfully implemented new management, who brought new policies and enhanced unit turn procedures. Reinvestment of capital sustained all property improvements through to stabilization.

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Outcome

• Seamless purchase of over 2,000 units
• 200% increase in portfolio valuation as of 2018
• Occupancy at 95%
• Statewide implementation of company culture

Challenge

Extensive interior and exterior rehab needed, large pending receivables account, $600,000 utility bill, and 120 down units put this property in a financial deficit. This lead to high tenant dissatisfaction and low occupancy levels.

Execution

Completed structural improvements, pool remodeling, paint finishing’s, and unit upgrades. After renovations, condo owners were approached for purchase.

Outcome

• Collections increased from 60k to over 225k as of 2018
• Economic occupancy increased from 30% to 95%
• Restructured Home Owners Association
• Improved tenant relationships led to increased feedback.

Challenge

An out-of-state owner, poor marketing and management, and unfavorable traffic resulted in low tenant retention and underperformance.

Strategy

Successfully initiated a capital improvements plan aimed at enhancing property curb appeal, upgrading units, revitalizing exterior finishes, and rolling out several unique amenities.

Outcome

• Rent appreciation by $200/door
• Occupancy at 96%
• Improved tenant retention policy decreased turnover by 60%
• Shortened vacancy cycles

Challenge

Severely distressed due to Hurricane Mathew, high delinquency rates, and weak property management

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Strategy

Completed capital improvements, introduced new management and leasing procedures, and a stronger focus on retention and prospect quality allowed for a more stable tenant base.

Outcome

• Occupancy at 95%
• Rent appreciation by $100/door
• Class reposition from C to B
• Improved tenant reviews due to new management

Challenge

Rolling Hills was a 240-unit property confronted by low occupancy, below-market rents, problem tenants, and neighborhood crime. These factors implicated a need for a creative and tactical approach to re-positioning.

Strategy

Upon takeover, problem tenants were immediately addressed, the Crime Free Housing Authority implemented, and improved site maintenance helped revitalize property health.

Outcome

Enhanced curb appeal, new management/protocol, and effective capital improvements drew in more favorable demographics and brought the property to stabilization.

• Rent appreciation by 190/door
• Expense reduction by 35%
• Occupancy at 96%
• Class reposition from C to B