Lease-up and Stabilization

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The Challenge

 

arrowPortfolio consists of 5 buildings built in the 1930's & 1940's scattered throughout the palmer park area 

 

arrow45% physical occupancy & 30% economic occupancy at take-over

 

arrowForeclosure situation with uncooperative former owner

 

arrowOver 25 units down from tremendous plumbing, HVAC and roof issues

 

arrowLimited cash available outside of operating revenues

 

arrowDrug and Insect infestations

 

arrowOutrageous water and gas bills   

 

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The Solutions

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arrowTook control of community with clear presence, enforcement of policy and aggresive collection techniques 

 

arrowAffordably replaced over 20, 5 story drain stacks with countless supply line and fixture leaks

 

arrowWorked with local police to eradicate drug issue

 

arrowAggressive marketing and leasing plan complemented with quality unit turns and a motivated site staff 

 

arrowImplemented modern boiler controls to take down gas bill

 

The Results

arrowAchieved 90%+ physical occupancy in 6 months, requiring over 110 move-ins

 

arrowIncreased collections to 95% of rent roll in 6 months 

 

arrowBrought 100% of units online including 25 down units 

  

arrowIncreased resident quality and created a stable popluation

 

arrowMinimized gas and water usage with major plumbing repair and modern control systems

 

arrowTook property from low occupancy and inconsistancy to sustainability and profitability

 

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