East 3434, APT Capital Group

Phoenix, Arizona
2019
Introduction

APT Capital Group came to Asset Living looking to reposition East 3434, a multi-family property in Phoenix, Arizona. At takeover, our team wasted no time looking for ways to add value, increase revenue, and rebrand the property. Ultimately, the goal was to give this property the opportunity to become a high-performing asset within its market and in ownership's ever-expanding portfolio.

Services
Capital Improvements
Market Research
Financial Planning and Analysis
Talent & Compliance Training
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Zimmerman property lounge area with apple computers
The Problem
  • Creating necessary turnover and re-engaging valued tenant base
  • Establishing protocol to enforce security and property regulations
  • Implementing training to instill confidence in the on-site staff 
  • Overcoming property setbacks such as high crime rates, deferred maintenance, and weak screening processes

Our Solution

Restabilized  tenant base

At takeover, there were a large number of residents that were not in compliance with their lease, which led to disruptions for a valued part of the tenant base. At the time, the property had a high crime rate and security was ineffective––resulting in an unhappy community, plus high tenant and staff turnover. Asset put a plan into action to improve the staff’s maintenance response, while simultaneously focusing on the necessary turnover strategy. In addition, our team re-evaluated screening practices and implemented new procedures for all prospective tenants. Collectively, this established a positive tenant base, in turn allowing the property to minimize crime and disorderly behavior. 

Hired, trained, and assembled a professional on-site team

Prior to takeover, the staff at East 3434 was working with a lack of defined protocols and missing the support necessary to ensure property success. We leveraged our decades of industry experience and expansive market research to provide the team with the people, training, and strategies of a well-run property, securing top talent with competitive wages and benefits. This included bringing in an expert security team to assist the staff in preventing lease violations, giving team members the confidence to go about their day-to-day responsibilities. 

Completed extensive capital improvements and a full property rebrand

This property had suffered from years of neglectful maintenance, crime, and irresponsible tenants. Upon takeover, Asset led and coordinated substantial capital improvements, including exterior and interior renovations, new signage, security cameras, and a clubhouse remodel. These tangible improvements were complimented with a strategic brand uplift that repositioned the property to highlight amenities, security measures, and a better-than-ever resident experience.




Gary L. and Kyle M.
APT Capital Group
"
Asset immediately turned our hopes for this property into a plan of action. Since takeover, they’ve redirected and revived East 3434, which has changed the property’s trajectory and brought our goals within reach."
The Results
  • $101/unit average rental growth YoY
  • Reduced loss to lease by 50% YoY
  • Increased NOI by 108% YoY
  • Multiple off-market offers submitted to client 
  • Decreased crime and improved quality of resident base
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