Property Type: 55 and over apartment
Location: West Deptford, NJ
# of Units: Portfolio of 199 Units
Value Created: Increased occupancy by 75% in 18 months
Trigild was appointed to be the manager on a new multifamily lease-up property. The developer depleted the asset’s capital and leasing efforts were stalled at 17% occupancy. Additionally, there were deferred maintenance items and construction defects that needed to be addressed. There were also tense relations with the local government and businesses due to prior ownership dealings.
Trigild implemented a multi-faceted strategy to maximize return to the client:
- Worked closely with on site management to establish market rents for the property.
- Implemented a renewed targeted marketing campaign and focused on 55 plus residents and media outlets with this demographic
- Worked closely with ownership on evaluating deferred maintenance items and construction defects.
- Trigild established a new market rents for the property. This with a major marketing plan increased occupancy by 75% in 18 months, which resulted in a 300% increase to NOI.
- New marketing efforts resulted in increased leasing traffic. Trigild added key amenities to maintain a competitive edge with other 55 and over communities.
- Trigild maintained tenant retainage at 95%.
- Trigild worked closely with engineers, GC and ownership in managing a 4 million dollar capital expenditure program to repair 200 balconies and building façade.
- Trigild was able to be the new face for Ownership and rebuilt strained relationships with the local government and local businesses.