Rehab, Lease-Up & Stabilization

ssmlogodarkbg

The Challenge

arrow10 Buildings across 4 sites from East to West side Detroit

 

 

arrow65% physical occupancy at take over

 

 

arrowUnfinished rehab project on 6 buildings in portfolio

 

 

arrowOne building completely shut down for 3 years

 

 

arrowOver $300k in past A/P to resolve 

 

  

arrowMust transition existing residents to paying for their own utilities to become profitable

schaefer

The Solutions

w chigcago

arrowImplemented effective marketing plan, complemented with effective leasing staff and practices

 

 

arrowCreated community with ongoing calendar of events, newsletters, and use of 'community advocates'

 

 

arrowRe-commisioned vacant buildings with mini-rehab

 

 

arrowTransitioned to tenant paid utilities

 

  

arrowNegotiated deep discounts on pay-offs for past A/P

The Results

arrowAchieved 99% occupancy in 5 months!

 

 

 

arrowHave averaged monthly collections of $95k on a gross rent potential of $105k since stabilization in Jan '10

 

  

 

arrowTransitioned all residents to pay for their own utilities over 6 month period enhancing monthly NOI by $15k 

 

 

 

arrowTook portfolio from a negative NOI to approx $400k annual NOI

ep7

Contact Us Today to Maximize your Investments!