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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