Over the 25+ years of experience in the property management industry, we have worked in many capacities with numerous institutional clients as well as private individuals/investors. We have had the privilege of working on investment properties owned by entities such as:
Calstrs (California State Teachers’ Retirement System) • CalPERS (California Public Employees’ Retirement System) • Cargill • FRS (Florida Retirement System) Pension Plan • Firemen’s Pension Fund • Fed Ex • And numerous individual private investors.
Here are some of the projects we have worked on.
CHAPELWOOD PLACE – a 160-unit garden-style property that the lender had placed under their special servicer department due to the critical financial status of the property. Occupancy was 86% when we began managing it, and after evicting 30 non-paying residents we implemented an advertising program, re-leased the apartments and achieved a stabilized occupancy of 95% within the first year. Increased income by $15,000 per month and after reducing operating expenses, we increased NOI by $25,000 per month.
TOWER PARK – a 209-unit student housing property that underwent a major renovation after it was acquired by our client. The renovations to the common areas included the clubhouse/leasing office, complete new pool membrane, pool deck, fitness center, sidewalk replacement, new exterior facade throughout the property, new landscaping, new branding and signage. The unit interiors were also lightly renovated. We successfully repositioned the property in the marketplace with a brand new look and a strong marketing campaign. Consequently, we were able to achieve higher rents and increased NOI.
BLUFF HOUSE APARTMENTS – a 281-unit garden-style property that was 78% occupied when we took over the management. We implemented a strong advertising campaign and generated 184 prospect visits and 69 applications within the first 3 months. Additionally, we implemented an aggressive renewal program that produced 16 renewals in a 3-day span. Through strategic marketing and advertising, we increased occupancy to 84% within 3 months and achieved 95% within 9 months.
THE FLORIDIAN – Brand new luxury 334-unit high rise with a 25-room boutique hotel. The client developed the project with our feedback on current market demand preferences. We were the liaison between ownership and general contractor, and we managed the asset. Pre-leasing efforts surpassed projected numbers and lease-up was accomplished within 9 months of completion. Strategic pricing and inventory release was key in surpassing revenue projections in year one.
THE BINGHAM – Re-purposed project transformed from light industrial/office space to 340 loft apartments. We assisted the client with a feasibility study, served as liaison between ownership and general contractor, assisted with selection of interior finishes, selected and oversaw local public relations firm, implemented advertising campaign, assisted in selecting and hiring on-site staff, trained leasing staff, determined rates, pre-leased and managed property through stabilization.
ISLAND CLUB – Brand new luxury 300-unit high rise. The property was acquired by the client when occupancy reached 90%. Our team continued to lease up property to 100% occupancy and thereafter consistently exceeded pro forma projections by increasing rents. Resident retention ratio averaged 80% despite 5-7% rent increases due to superb location, customer service, and amenities offered.
PLAZA FIESTA – a 335,000 sq ft. indoor mall. Within the first year of managing this mall, we were able to make several upgrades including rehabbing the food court, renovating and painting the exterior facade, and upgrading the Mercado area of the mall which is comprised of over 300 small merchants. A 14% rent increase in the Mercado was achieved within the first year, and with further upgrades during the second year of management, another 10% increase was achieved in rents.
Ashland Center – a 25,000sf suburban office building originally built in 1954 that underwent an award-winning major renovation in 2014. APT Property Management Consulting assisted ownership in obtaining the distinguished IREM Certified Sustainable Property designation. The process included creating and implementing numerous policies and procedures pertaining to energy efficiency, recycling and sustainability. Additionally, APT Property Management Consulting tracked all utilities data on Energy Star's Portfolio Manager database and coordinated all efforts to achieve an Energy Star rating for this asset. These certifications added value to the property and has made it more attractive to prospective new tenants and investors.
Briarwood Lakes – a 70-acre, 198-homes community association whose Board of Directors requested an assessment of operations. APT Property Management Consulting conducted a thorough assessment of their operations including governance, certifications, communication procedures, documentation storage and retention, staffing, and accounting procedures. The findings were compiled into a very comprehensive report and included recommendations for the Board of Directors to consider.
PROPOSED 55+ HOUSING DEVELOPMENT – Centerville, Minnesota – APT was contracted to provide developer with a feasibility study including a thorough analysis of the demographics of the area. In addition, a market study of the luxury apartments in the region was conducted to assist developer in determining market rents for this project.
BLUFF HOUSE APARTMENTS
PROPOSED 55+ HOUSING DEV