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  • Buena Vista Apartments
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  • Acquisition Criteria
  • Acquisition Strategy
  • Repositioning Strategy
  • Multi-Family Focus
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Repositioning Case Study #2

Buena Vista Apartments
West Valley, UT

Conditions at commencement of SCI management:

• 14% economic vacancy
• Avg. Rents of $506/month
• Acquired from family partnership of 10+ years, bond-financed deal fell through
• Annual NOI of $148,000

Redevelopment Plan:

• $350,000 renovation budget ($4,430/unit)
• New entrance signage and landscaping to improve curb appeal
• Installed new play structure with extensive landscaping and irrigation
• Several new roofs
• Repaired and replaced stairways and landings
• Upgraded exterior and interior of leasing center
• Renamed property from Crown to Buena Vista Apartments

Results:

• Increased average occupancy to 98% in 2007
• Achieved 12-month NOI goal of $229,000 within 7 months
• Increased to $647/month and projected NOI to $375,000
• SOLD 12/4/08

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View Other Case Studies:

Repositioning Case Study #1 - Tracy Apartments
Repositioning Case Study #2 - Buena Vista Apartments
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