Do you have a project that needs some strategic improvements? Reach out today!
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As the Carolinas have boomed over the last few years, so have investor opportunities in the multifamily arena in this popping geographical zone. The Research Triangle Park has led to numerous tech savvy professionals to search for a place to call home in the Raleigh-Durham-Chapel Hill area. Old multifamily properties are being snatched up by investors and this property was no different. Close to Duke University and Duke Hospital, this asset was longing for a new model unit, new leasing office, new pool furniture and fresh exterior paint. The result was an asset completely repositioned after nearly a year of working closely with construction and asset management to best utilize each of these areas of the CapEx budget. Let’s take a closer look at how we did it.
Model Unit
While a model unit existed on property, it was lacking in color, texture and appeal. Given that this property sits in a forest, we incorporated numerous plants and wood to transition a prospective easily from the beauty of the outdoors to the inside. Soft touches, like the inclusion of a dog bed, toy and bowls served as a welcome to pet owners touring the property. Finally, we rounded out the space by maximizing the galley kitchen to showcase the possibility for grilling and entertaining.
Leasing Office
The clubhouse serves not only current tenants, but also as the leasing office for prospective tenants and renewals. In addition, the maintenance staff needed a space to have lunch on the property. Through the strategic knocking down of a couple of non-load-bearing walls, we were able to reconfigure the existing space to meet all users’ needs. New floors, fresh paint, a muraled wall of art and new furnishings allowed leasing agents to have a comfortable space to entertain and sign leases, while existing tenants could enjoy a more lounge-like environment. The kitchen area now offers a glass-front chilled beverage area and functional components, such as a dishwasher for all to use. Even a work area in the back room and lunch table allows maintenance staff to come and go at their leisure.
Pool Furniture
The pool furniture was cobbled together and in need of an entire refresh. Using the exterior new paint palette as inspiration, fresh pieces with beautiful fabrics created a sense of space from this very vacant space. From loungers to resort-style umbrellas and even soft seating, this pool deck was transformed from an afterthought to a place you could spend the day relaxing and reading a book by yourself or bringing an entire family to enjoy. Durable fabrics, wipeable surfaces and covers included with all pieces positioned this amenity for functionality and form today and in years to come.
Exterior Color
Dark chocolate browns in varying shades were begging for an update. Given North Carolina’s coastal presence, we were inspired to lean toward a cooler palette that would also contrast with the green of the surrounding lush forest. We pulled in blues, grays, whites and deep navy to build a well-balanced palette that added pop, life and appeal to this asset that would yield the ROI investors in this asset were looking for and that tenants wanted in the place they called home.
As a process-driven design firm, we were able to strategically reposition this asset. Intentionality and creativity allowed us to pull together a cohesive, inspiring space for years to come. Construction managers have an asset ready for years of light projects. Current tenants have a place they feel proud to invite friends and family to. Prospective tenants can envision their future in each of these spaces. Asset Managers stayed within their CapEx budget. Investors saw the ROI they were looking for. This is why we do what we do and are passionate about meeting the needs and wants of each of these stakeholders.
Do you have a project that needs some strategic improvements? Reach out today!
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