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Success Stories

Independent Senior Living

Property Type: Multifamily, Independent Senior Living

Location: Texas

# of Units: 111 Apartment Homes & 4 Commercial Spaces

Occupancy Increase: From 59% to 72%

Value Created: Increased annual revenue by 31% and decreased operating expenses by 28% resulting in a 60% annual NOI increase.

BACKGROUND

This property is a low-income, independent senior housing community. Originally built in 1924 as a hospital, the asset was renovated in 1983 as apartments. Upon takeover, Trigild was confronted with many challenges:

  • Equipment and machinery was outdated and expensive to repair
  • Low occupancy of 59% with many vacant units in down condition
  • Rents restricted by a LURA resulting in inadequate revenue for property expenses
  • Severe bed bug obstacle to remedy and overcome
  • The community shared various resident services with debtor’s sister property

APPROACH

Trigild evaluated each obstacle and undertook the following:

  • Evaluated the staff and identified property employment needs
  • Appointed an experienced lead maintenance technician to efficiently complete maintenance/repairs in-house
  • Developed a unit-turn program to make ready vacant apartments quickly and effectively
  • Established a bed bug abatement program
  • Assessed resident needs and discontinued unnecessary services

PERFORMANCE SUMMARY

  • Increased occupancy by 13% and annual revenue by 31%
  • Reduced operating expenses by 28%
  • Increased annual Net Operating Income by 60%
  • Bed bug problem eradicated