An experienced team was on-site to complete the successfully takeover process and property was transitioned smoothly, retaining 50% of the staff. Current office and maintenance staff were trained and aligned to the process and computer systems established for leading activities, tracking of financials and inventories, and maintenance/make ready work flows.
All new leases are renewals include in-unit renovation verbiage. This allows the property manager to renovate the unit while it is occupied at current market rent. Once the renovation is completed, the upgrade $40-$120 monthly rent premium takes immediate effect. The renovation takes 3-5 days to complete. This will impact positively on overall income and occupancy for the property, but requires meticulous schedules coordination and excellent communication with contractors and residents to be successful.
In-unit renovations include high quality features popular with luxury homes including frameless cabinets, 3cm granite countertops, under mount sinks, high end kitchen faucet with sprayer, LED interior lighting, and upgraded flooring.
Future planned improvements include upgrading the model unit in each property, installing exterior lighting, replacing window and sliding patio doors at Carriage Hill, and pilot interior common area lighting at Carriage Hill.
Leasing Update
As of February 1, 2016 Bolton Estates was 93% occupied and 94% leased, and Carriage Hill was 95% occupied and 94% leased.
Previous Updates
