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  • Holladay on 9th
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  • Acquisition Criteria
  • Acquisition Strategy
  • Repositioning Strategy
  • Multi-Family Focus
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Repositioning Case Study #4 (In transition)

Holladay on 9th
Murray, UT

Conditions at commencement of SCI management:

• 76% occupied, in a market that supports 95%
• Average Rent of $578 in a market where Average rents are $700/month
• 2007 Annual NOI of $290,000

Redevelopment Plan:

• $583,000 renovation budget - $7,100/unit
• Renovating all unit interiors upon turnover
• Extensive tree pruning and landscape program
• New awnings, signage, asphalt and fences
• Renovate pool, leasing office and laundry room

Results:

• Increased occupancy within first 30 days to over 93%
• Increased asking rents from $600/month to $725/month and implemented RUBS program
• Dramatically improved tenant profile with proper screening within first 30 days of ownership
• Projected NOI of $364,000 –increase of 25% 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