Challenge
When Woodmont Real Estate Services took over the management assignment on this Mountain View apartment community it was suffering from deferred maintenance and a challenging resident profile.
Solution
After assessing the market and opportunities for improvement in the competitive marketplace, Woodmont worked with the new ownership to significantly update the property. During this period, all of the apartment homes received substantial interior upgrades, including resurfaced cabinets, new doors, updated hardwood flooring in kitchens and baths, new appliance and lighting packages and paint. Exterior remodeling featured new windows, updates to the apartment entryways, stonework, new paint, landscaping and signage. The Leasing Center and resident amenities were also improved.
Results
The community was repositioned and rebranded as Palmetto Apartments, with a marketing program designed to generate new awareness and interest for the substantially transformed apartment community. As a result, rent rolls were enhanced and the community attained full occupancy in approximately six months. Through Woodmont’s management, the community achieved greater efficiencies that contributed to a vastly improved ROI. Within a year, Palmetto was operating smoothly, and when the ownership sold the community, they were able to realize a solid return on their original investment.