Looking to boost your ROI through strategic upgrades, give us a call today!
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The transformation of a tired multifamily property can have a profound impact on its desirability, tenant satisfaction, and overall value. Recently, a worn-out multifamily property in the heart of Phoenix’s Camelback Corridor underwent an impressive renovation that involved several key upgrades, including new exterior paint colors, upgraded pool furniture, the addition of a second dog park, and the creation of a stunning new model unit.
The first step in this revitalization project was the application of fresh exterior paint colors. The once-faded and uninspiring façade was completely rejuvenated with modern, eye-catching colors that instantly revitalized the property’s curb appeal. This upgrade not only attracted attention from potential tenants but also conveyed a sense of pride and care among existing residents.
Furthermore, the pool area received a much-needed facelift with stylish and comfortable new furniture. The worn-out and outdated poolside soft-seating and umbrellas were replaced with contemporary designs, creating a luxurious and inviting atmosphere for residents to relax and enjoy. This transformation significantly enhanced the overall appeal of the property, making it a sought-after destination for those seeking an elevated living experience, especially given the pool’s location in the middle of the complex.
To cater to pet owners, a second dog park was added to the property’s amenities. This thoughtful addition provided a safe and enjoyable space for residents’ furry companions to play and socialize. The introduction of the dog park not only attracted pet owners to the property with its strategic location by the leasing office, but also fostered a sense of community among residents, leading to increased tenant satisfaction and long-term renewals.
Finally, a stunning new model unit was created to showcase the property’s full potential. Every detail, from the high-quality materials to the appealing furniture and decor, was carefully selected to create a space that exuded elegance and sophistication. Prospective tenants were captivated by the inviting ambiance and upscale living experience, driving up demand and ultimately increasing rental rates.
As a result of these comprehensive upgrades, the tired multifamily property experienced a significant boost in rents, tenant renewals, and overall value through strategic CapEx expenditures. The combination of new exterior paint colors, upgraded pool furniture, the addition of a second dog park, and the creation of a captivating model unit elevated the property to new heights. It not only attracted high-quality tenants but also positioned the property to provide the ROI investors in the asset were looking for both now in rents and when the asset is sold.
Looking to boost your ROI through strategic upgrades, give us a call today!
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