Challenges: Friedman became the court appointed receiver of Alpine Lake Apartments on April 24, 2009. At the time of transition the physical occupancy was 74.63% with 68 vacant apartments that needed to be brought up to market ready condition. Many needed carpet, vinyl and appliances replaced. There were several pending city code violations for gutter and downspouts to be installed and the balconies to be replaced. It was the goal of ownership to improve occupancy, complete the capital improvements with cash flow and quickly market the property for sale.
Solutions: The on-site management and leasing team underwent intensive marketing and leasing training learning; product demonstration, sales strategies and closing techniques. They were given the tools to get vacant apartments market ready and market rents were restructured allowing them to better compete in the market. Additionally, the following capital improvements were completed within the first 60 days: power-washed the building exteriors, Repaired the carports, various concrete repairs, roof repairs/replacement, tree trimming.
Results: After 52 weeks the physical occupancy was 95.9% and the leased occupancy was 98%. Additionally, all physical plant/capital improvements were resolved using cash flow from the property. The property was sold.