Thalhimer was awarded management in December 2011 at which time there were several vacant / off-season apartments. The property’s availability was marketed and leased within 30 days. Management also identified the need to revise lease terms to better accommodate the needs of a student located property. All lease terms were changed with in the first year and now include end dates that reduce vacancy loss.

Services Provided

• Strategic property repositioning, including making it the Thalhimer student-housing office.
• Intensive market research and lease up.
• Develop a strategy to minimize vacancy loss while targeting student customers.

The Need  

• Manage revenue through lease optimization.
• Reduce operating costs, particularly common area costs.
• Correct deferred maintenance.
• Enhance overall curb appeal including landscaping and parking areas.  

The Approach

• Revised lease terms current and new residents to maximize student cycle.
• Established routine PM plan.
• Increased rents to market rate and established other revenue sources (parking rent, storage and vending contacts).
• Established aggressive student marketing platform.

The Results

• Above market occupancy and collection rates.
• Reduction of vacancy loss and turn costs.
• Significant rent growth.
• Increased value of asset and provided a solid return to the investors.