Value-Add Strategy

Description

  • Royal Farms, Salt Lake City, UT
  • Multifamily
  • 366 units

Assignment

  • Develop plan to rehab and upgrade interior
  • Establish remediation plan to cure deferred maintenance
  • Design major exterior physical transformation
  • Organize course of action to achieve higher rents

Result

  • Completed $1.2 million in capital repairs in first 6 months
  • Upgraded interiors on 20% of units in first 18 months
  • Increased market rents from $727 to $825 per unit
  • Reduced annual operating expenses by 10%
  • Increased monthly effective gross income by more than 14%
  • Added $6.2 million in overall value to asset