Case study 1
Johnson City, TN - 48 Units
FACTS
- DEMOGRAPHICS: Johnson City has (and is expected to continue) to experience significant population and job growth as a direct result of macro economic factors.
- POOR MANAGEMENT: The Landings at Antioch (previously known as Antioch Village) showed visible signs of deferred maintenance with outdated unit interiors – as a result, the property was receiving below market rents and incurring higher expenses due to owners not deploying sufficient capex to address ongoing. maintenance issues §
SOLUTIONS
- DEPLOYMENT OF CAPITAL: To rehabilitate exterior deferred maintenance, address underlying maintenance issues and update unit interiors.
- OVERSIGHT: Local oversight enables fast responds, improved property operations and deeper relationships.
- REPOSITIONING: The property will be repositioned to target higher income medical staff (large hospital located down the street).
RESULTS
- REHAB: In progress – Anticipating higher rent levels via targeted marketing.
- Sold - Achieved higher than expected 5 year returns in 2 years.
case study 2
Portland, OR - 135 Units
FACTS
- POOR PROPERTY MANAGEMENT: The property is a 135 unit/5 story apartment building located in the northwest neighborhood of Portland . The tree-lined northwest neighborhood is steeped in history that has developed over time and today is a vibrant mix of shops, cafes, galleries, parks, theaters and iconic Portland restaurants. The Cordelia has garage parking, fitness center, Wi-Fi, bike storage clubhouse, a courtyard and elevators (in addition to its excellent location). And yet, the apartment complex was underperforming its peers both in Portland and across the US.
SOLUTIONS
- AN INVESTMENT REVIEW: The prior investment plans for three years were reviewed including portfolio management, asset management and property.
- PROPTERY INSPECTION: An in-person inspection allowed us to obtain visual evidence of recent capital and property conditions.
- COMPRENHSIVE REPORT: Our findings identified financial, performance and compliance gaps including action plans.
RESULTS
- PROPERTY MANAGER ACTION PLAN: The property manager was giving away parking, free rent without following asset manager and compliance protocols. By instituting the action plan to close these gaps, we identified $51K in year 1 revenue/savings including $22k in annual revenue/savings.
