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  • Aspenwood Apartments
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  • Acquisition Criteria
  • Acquisition Strategy
  • Repositioning Strategy
  • Multi-Family Focus
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Repositioning Case Study #3 (In transition)

Aspenwood Apartments
West Valley City, UT

Conditions at commencement of SCI management:

• 88% occupied
• Average Rent of $578 in a market where Average rents are $700/month
• 2006 Annual NOI of $727,000

Redevelopment Plan:

• Two-phase $1,100,000 renovation budget - $6,400/unit
• Renovating all unit interiors upon turnover
• Extensive tree pruning and landscape program, including installation of a new irrigation system
• New roofs and gutters, new signs, new paving and new fences
• Renovated pool and leasing office

Results:

• Increased occupancy within first 30 days to over 97%
• Increased rents from $508/month to $603/month and implemented RUBS program – thus increasing monthly Other Income from $32/month to $79/unit per month
• Rehabbed 20% of the units within the first 90 days
• Dramatically improved tenant profile with proper screening within first 90 days of ownership
• Increased monthly collections by 41% from take-over
• Projected NOI of $900,000 –increase of 32% over previous year

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View Other Case Studies:

Repositioning Case Study #1 - Tracy Apartments
Repositioning Case Study #2 - Buena Vista Apartments
Repositioning Case Study #3 (In transition) - Aspenwood Apartments
Repositioning Case Study #4 (In transition) - Holladay on 9th
Repositioning Case Study #6 - Mulberry Park Apartments
Repositioning Case Study #5 - Lookout Pointe Apartments
Repositioning Case Study #7 - Liberty Heights Apartments