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 patio furniture, the addition of a second dog park, and the refresh of a stunning new model unit.
A stunning refresh on the 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. We worked with our clients on keeping a few pieces of original furniture to maximize the budget. We worked with the aesthetics of the mid-century architecture and enhanced the design from these existing pieces.
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 patio 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.
To speak with us about a transformation or refresh on your project, book a call today!