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Case Study: Cascade Court Apartments

Information

Details

Type: 28 Unit Multifamily Building Renovation & Lease-up

Hired: February 2019

Project Duration: 10 months

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Value of Capital Improvements
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Increase in Income

Description

Objective: Pilot Property Management was engaged by the owner of the Cascade Court Apartments in February of 2019 to replace their previous management company which was not meeting the owner’s goals with renovations and subsequent lease-up.

The Process: At the time of transition, the property had 13 vacant units representing only 54% occupancy, and the owner was spending thousands of dollars a month to cover debt service due to slow remodels and slow lease-up times. At takeover, nine of the 28 units had been renovated and PPM was tasked with renovating and re-leasing the other 19 units as fast as possible.

Outcome: Over the course of 10 months, PPM was able to complete this task with a budget of slightly over $300,000 and stabilize the building with more gross monthly income than the owner’s projections. In the period from the owner’s acquisition to stabilization, the gross income increased 54%, allowing the owner to sell the property for a substantial profit.

Before Photos

After Photos

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