Multifamily Case Study, One Year In

One year in & looking up

The Henry at Liberty Hills has been a fantastic asset. In just one year of owning the asset, we've successfully increased the NOI of the property by $218,142, which represents an increase of over 15.4%.

Occupancy has risen from 92% to over 98% while offering no concessions and continuing to move effective rents. We are extremely pleased with the performance of this asset and we are excited about changes that we have planned for this year. Over the course of this year we paid out $797,852 in investor distributions. We hit our proforma numbers and plan to continue to implement our business plan into year two of ownership.

What drives performance?

Having a strong team overlooking the property onsite is key to achieving optimal results. Treating the employees well and creating a healthy work environment will pay dividends down the road. If there is instability in the office, it is difficult to make progress when there are so many moving parts to operate a multifamily property. On a daily basis you have new residents moving in, residents moving out, units to turn, maintenance orders to fulfill and the list goes on and on. If there is no stability it is easy for systems to get disrupted and performance to suffer.

We have a fantastic team at The Henry at Liberty Hills and we are pleased with the performance of our first year of ownership. We plan to continue to enhance the property further by giving it a fresh new look and additional amenities for residents to enjoy.

How was the first year?

Overall, it was very positive. Our assistance manager at the property that had been working on site for two years prior to us taking over mentioned that the property was never over 95% occupied while she worked there.

Once we took over, we quickly increased the occupancy, took care of deferred maintenance items and were able to successfully raise the income at the asset.