Type: 26 Unit Multifamily Building
Acquired: September 2016
Pilot Property Management (PPM) was engaged by the buyer of the Urban North Apartments in September 2016 to execute an extensive value-add play upon buyer’s closing. The property was built in 1969 and was largely original with decades of deferred maintenance and neglect. The property came with some challenging tenants and current rents significantly below market rate.
PPM oversaw building rebranding and a $1,000,000 capital improvement plan which included energy efficient windows, exterior paint, landscaping, and common area improvements. Additionally, units were fully renovated with new cabinets, LVT flooring, trim work, paint, plumbing, and lighting fixtures. In an 18-month period, 25 of 26 units and all exterior and common area improvements were completed under budget. In the same time, monthly gross revenue was increased 46%, leading to a significant increase in cash flow and financial performance of the building.