LIBERTY STREET PROJECT
AN 18 UNIT VALUE ADD: FROM THE OUTSIDE IN
This project is a great example of our value add strategy. We identified a mismanaged, underperforming asset, and were able to acquire it at a good price. By renting vacant units, and significantly improving the property, we were able to stabilize and improve the property.
Here’s a quick look at the project.
PHASE ONE: EXTERIOR REFRESH
Renovating the exterior of the building first significantly increased demand and attracted a new pool of residents. We gave the exterior a whole new look by painting the brick, upgrading the porches, adding cedar wrapped corners with large metal address numbers, and overhauling the landscape.
PHASE TWO: INTERIOR UNIT RENOVATIONS
We then began renovating the interior units one by one as they became vacant.
By upgrading the interiors of each unit, we are able to increase the average rents nearly 40%.
Renovations include, upgraded countertops, all new flooring, fresh paint, new tiled in showers, updated lighting fixtures and new stainless steel appliance packages. We also added laundry hookups and dishwashers.
With the property now stabilized it runs much more smoothly and provides an upgraded living experience for current and future residents. There were many obstacles to overcome, but we are happy with how this project is shaping up.
