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SEASONS APARTMENT PORTFOLIO
Atlanta, GA
RADCO-owned apartments
SITUATION:
The company acquired distressed apartment portfolio consisting of three underperforming communities.
THE PLAN:
Actively supervise third-party property management; reallocate resources where most needed; identify and begin physical improvements in critical areas of the properties; reposition to appropriate target markets; oversee renovation of the properties including exterior building repairs to concrete and/or brick, retaining walls, entryways, building trims and sidings; upgrade leasing offices and clubhouses; update unit interiors including flooring, kitchen appliances, outlets, carpet, plumbing and painting; increase marketing and empower leasing staff to make deals; tighten concessions to better manage inventory.
RESULTS:
Occupancy increased to a stable 96%, well above market share and net 99% overall by month 11; concessions burned off quickly; rent increased; properties were clean, neat and safe; expenses reduced as services increased; preferential return paid from cash flow; portfolio is operating in excess of a 9% cap on our basis.
