Repositioning & Lease-up

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The Challenge

 

arrowPortfolio  consisting of 6 buildings scattered throughout Royal Oak totaling 175 units

 

arrow37% physical occupancy at take over

 

arrowPoor quality of applicant relative to sub-market

 

arrowLack of 'appeal' to differentiate from competition

 

arrowHigh turn over rates

 

arrowExtensive deferred maintanance 

 

 

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The Solutions

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arrowCreated unique features in each of the 6 sites enhancing property appeal to applicants

 

 

arrowImplemented aggressive marketing plan to upscale prospective clients

 

 

arrowEnhanced buildings with models, contemporary paint, upgraded fixtures and increased rent based on upgrades

 

 

arrowIncreased quality of maintanance services

 

The Results

 

arrowAveraged over 94% occupancy and less than 3% bad debt since stabilization

  

 

arrowIncreased new lease rent by as much as $125 per month with upgraded market appeal

 

 

arrowDecreased turn over rate with great  office and maintanance service

 

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