CASE STUDIES
CASE STUDIES
Three under-performing sites turned around in six months or less.
Block Multifamily Group (BMG) assumed management of three under-performing sites in Louisiana in late 2011. The BMG executive staff conducted a thorough site inspection, market evaluation and staffing evaluation for each asset to determine necessary steps to maximize the Net Operating Income.
Based on the evaluations, the BMG portfolio manager developed and implemented three action plans, specifically tailored to meet each property’s unique needs:
- Thorough Retraining of the Site Staff
- Revamping of Marketing and Curb Appeal
- Focus on Revenue and NOI
By following these action plans, BMG maximized the performance of the assets.
Case #1: Lease-up site struggling and behind schedule
An upscale lease-up site struggled for months to maintain economic occupancy in the low 70% range.
Results of our Action Plan:
- In three months, increased economic occupancy 18% and achieved physical occupancy of 99%
- In the same three months, increased Total Revenue 27.9% and increased NOI 42.0%
Case #2: High Vacancy Tax Credit Site With Poor Curb Appeal And A Bad Reputation
Results of our Action Plan:
- Increased economic occupancy 17% and achieved physical occupancy of 99%
- Increased Total Revenue 23.7% and increased NOI 36.0%
- Reduced Bad Debt by 63.0%
Case #3: Stabilized Tax Credit Site Was Not Performing To Potential
Results of our Action Plan:
- Increased economic occupancy from 91% to 95% and achieved physical occupancy of 100%
- Reduced Bad Debt 71.0%
- Increased Total Revenue 4.3%
More Space is Designed For The Way You Live.
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Feel Great Morning in Natural Light
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