COMMERCIAL REAL ESTATE

Conventional Apartment Management

Stylized B trademark of Bradley Company commercial real estate advisor realtor, commercial property manager, multifamily management services company
Bradley Company
Multi-Family Property Management
Services Provided
Multi-Family Property Management
Conventional Apartments
Statistics
181 units
Not-for-profit
Achieved 98% occupancy
Client
Cedar Glen Apartment Homes

Client
Case Study

Conventional Apartment Management

South Bend, Indiana

Background

This 181-unit conventional apartment community was plagued by high crime and a very negative reputation. The City of South Bend even passed a Chronic Nuisance Ordinance due to the large volume of police calls to the property. There were serious deferred maintenance issues that led to numerous water leaks and mold issues. Most of the cabinetry and flooring were in very poor shape which made it impossible to attract good residents.

Strategy

Bradley Company began by evicting problem tenants. While this initially led to increased vacancy, it also provided the opportunity to completely remodel the units. In addition to new flooring, kitchen cabinets, and appliances, the exterior was remodeled and landscaped, and all the horizontal water lines were replaced to virtually eliminate all the water line leaks. More rigorous applicant screening was used to lease up the newly renovated units.

Results

Occupancy has been steadily growing and calls to the police have declined approximately 90%. The property is now no longer a cause for concern in the neighborhood. The financial performance continues to improve as less money is spent on damages and repairs. The stability of the property attracts new residents, which improves the net operating income.

STRATEGY

Bradley Company began by evicting problem tenants. While this initially led to increased vacancy, it also provided the opportunity to completely remodel the units. In addition to new flooring, kitchen cabinets, and appliances, the exterior was remodeled and landscaped, and all the horizontal water lines were replaced to virtually eliminate all the water line leaks. More rigorous applicant screening was used to lease up the newly renovated units.

RESULTS

Occupancy has been steadily growing and calls to the police have declined approximately 90%. The property is now no longer a cause for concern in the neighborhood. The financial performance continues to improve as less money is spent on damages and repairs. The stability of the property attracts new residents, which improves the net operating income.

Ask our Advisors

Live 2024 Services page lead gen
Phone
Region of Interest

Building Partnerships

Improving Communities,

Changing Lives

Bradley Company commercial real estate brand logo monogram stylized letter B

Live 2024 Popup All Services Lead Gen
Please select your primary region of business