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CASE STUDY: The Historic Biggs Building

biggs

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.

Services Provided

  • 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.

The Need  

  • Manage revenue through lease optimization.
  • Reduce operating costs, particularly common area costs.
  • Correct deferred maintenance.
  • Enhance overall curb appeal including landscaping and parking areas.  

The Approach

  • 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.

The Results

  • 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.