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CASE STUDY: Kent Road Village Apartments

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Thalhimer was tasked with overseeing a significant property repositioning, including major rehabilitation, to this highly desirable community.  Work included working closely with the architect to create modern floor plans and add eight additional townhomes.   Also assisted in procuring Historic Tax Credits and integrating the operation with Georgetown Apartments, an existing Thalhimer managed community.  

Services Provided

  • Historic rehabilitation of an 88 unit garden community built in 1942
  • Provide property lease-up
  • Ongoing management and related services

The Need  

  • Return the asset to a position of value creation.
  • Choose finishes that would make the product stand out in the market.
  • Create a diversity of floor plans while not impacting the historic designation.  
  • Implement additions to meet the long term strategic view of the community.

The Approach

  • Manage the neglected community (had been slated to be razed by prior owner) and maintain revenue stream.
  • Empty the community in a manner that maximized revenue but created the least amount of resident disruption.
  • Managed marketing and leasing to match unit delivery.

The Results

  • Successful lease up of all 88 units and significant revenue growth with lowered resident turnover.  
  • Preservation of a historic community located in the important Monument Avenue corridor.
  • Creation of a viable and marketable asset for the investors.