Apartment Case Study
The Challenge
The subject property was purchased below market price and performing poorly with a 58% occupancy rate and rents well below market. Of the 12 units, 2 were leased month-to-month and 5 were vacant. While passing inspection as structually sound, the property showed years of deferred maintenance and struggled to attract middle-market tenants. The investor used short-term financing as a bridge, therefore he needed to stabilize and refinance the property within 5 months.
The Solution
Working within the investors improvement budget, WiSat remodeled each vacant unit with new carpet, paint, kitchen cabinets, counter tops, applicances and replaced the hot water heater and furnace. The 2 month-to-month units were remodeled as they turned over. We completedthe entire project in only 6 weeks. We also arranged to have our interior design specialist stage 1 unit for marketing purposes. The investor reached 100% occupancy by month 3! The increased appraised value allowed the investor to refinance to long-term financing and even cash-out some equity for his next investment.
%
Occupancy Rate
%
Rent Increase
Week Turnaround
Amazing Result
Increased Tenant Applications By 150%
Social Media
The unit layout and staged interior design photos were strategically posted online and helped attract more prospective tenants then the property manager could handle.
Rebuilt From the Inside Out
Extensive Demographic Studies
Every material purchase factored in target market and neighborhood demographics, quality, durability and cost.
- Improvement Budget Spent 80%
- Interest Rate Savings 50%
- Increased NOI 75%
- Client Satisfaction 100%
The Results Were Amazing
Our client found a true business partner in WiSat Construction. He nolonger spends hundreds of hours tracking down contractors and sweating over missed deadlines. His processes and projects have become more standardized as he’s now able to run his investment practice like a real business.