Case Studies
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Shockoe Place Apartments
- The Need
- Thalhimer assisted a local investor to take an under-occupied 47-unit property and lease up to the market rate for the area while producing additional income for the owner.
- The Approach
- A manager specializing in marketing and closing techniques was placed at the property and a marketing plan created. Simple advertising in conjunction with a management and marketing "presence" at the property was initiated. Deferred maintenance was cured. Maintenance contracts and janitorial services were re-evaluated and changed while working in "cash management" mode at the property.
- The Results
- Thalhimer coordinated a lease-up of the property, becoming 98% leased AND occupied within 90 days. Legal documents were reviewed and acquired where necessary in order to remove non-paying residents from the property. Rental criteria was reviewed and put in place to accept only those applicants who qualified. This led to all units being occupied and subsequently increased the revenue the property has generated for the owner. An emphasis was placed on resident retention. Additionally, curb appeal was elevated and maintained.
