Case Studies
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Larchmont Apartments, LLC
- The Need
- This eight building, 172 unit, 1938 vintage property required a complete renovation in order to remain competitive. It also had property supplied utilities that were becoming increasingly expensive to maintain and operate.
The owner needed Thalhimer to operate the property, minimize loss of residents, and manage the relocation and lease-up of completed units in a timely manner to maximize revenue during the renovation process. - The Approach
- Thalhimer organized and executed methodical approach to relocate existing residents to renovated units.
Thalhimer coordinated with the Owner's general contractor to deliver one vacant building every six weeks for renovation work.
Thalhimer pre-leased renovated units so that the property was stabilized within one year from the beginning of the renovation. - The Results
- The renovation was completed on schedule, on budget, and with full occupancy upon completion of the last building.
The property retained approximately 50% of the residents that lived at the property prior to renovation, despite increased rental rates and having to pay for utilities.
Thalhimer achieved maximum income during the renovation with higher rents than planned post renovation.
