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 highlighted inconsistent cash flow and over 30% of units non-operational. All furnaces, exterior and common area had significant deferred maintenance requiring immediate updating.
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
- Raised 50% of rents to above market
- Removed all delinquent tenants
- Renovated interior and exterior
- On-track to be stabilized by Q4 of 2018
- Current waiting list for units
- Implementation of technology platforms for marketing and tenant management