Monticello, NY

22 Units – Joint Venture Q4 of 2017 – Increased Cash Flow: 31%

 Sullivan Communities acquired controlling interest in Shore Gardens Apartments, located in Monticello, NY. The complex consist of 10 townhouses, 8 2 BRs and 4 1 BRs, housed within 4 brick buildings.

Initial Analysis:

Initial analysis highlighted inconsistent cash flow and over 30% of units non-operational. All furnaces, exterior and common area had significant deferred maintenance  requiring immediate updating.

Our Process:

Prior to investing, Sullivan Communities provided the owner an operations plan consisting of:

  • Agreed upon 2022 sale price (provided by the seller)
  • Sullivan Communities’ Capital Investment
  • Detailed tenant management / legal plan
  • Marketing plan (Property Website, Social Media and Print)
  • Rehabilitation schedule

Solutions implemented:

  • Raised 50% of rents to above market
  • Removed all delinquent tenants
  • Renovated interior and exterior

Status:

  • On-track to be stabilized by Q4 of 2018
  • Current waiting list for units
  • Implementation of technology platforms for marketing and tenant management