Thalhimer was awarded management in December 2011 at which time there were several vacant / off-season apartments. The property’s availability was marketed and leased within 30 days. Management also identified the need to revise lease terms to better accommodate the needs of a student located property. All lease terms were changed with in the first year and now include end dates that reduce vacancy loss.
- Strategic property repositioning, including making it the Thalhimer student-housing office.
- Intensive market research and lease up.
- Develop a strategy to minimize vacancy loss while targeting student customers.
- Manage revenue through lease optimization.
- Reduce operating costs, particularly common area costs.
- Correct deferred maintenance.
- Enhance overall curb appeal including landscaping and parking areas.
- Revised lease terms current and new residents to maximize student cycle.
- Established routine PM plan.
- Increased rents to market rate and established other revenue sources (parking rent, storage and vending contacts).
- Established aggressive student marketing platform.
- Above market occupancy and collection rates.
- Reduction of vacancy loss and turn costs.
- Significant rent growth.
- Increased value of asset and provided a solid return to the investors.