VALUE-ADD STRATEGY

 

Description

Royal Farms, Salt Lake City UT
Multifamily
366 units

Assignment

  • Develop plan to rehab and upgrade interior
  • Establish remediation plan to cure deferred maintenance
  • Design major exterior physical transformation
  • Organize course of action to achieve higher rents

Results

Completed $1.2 million in capital repairs in first 6 months

Upgraded interiors on 20% of units in first 18 months

Increased market rents from $727 to $825 per unit

Reduced annual operating expenses by 10%

Increased monthly effective gross income by more than 14%

Added $6.2 million in overall value to asset