Class-B Multifamily Apartment Community
PMG took over the asset management of a small, 76-unit multifamily apartment community in a remote (rural) submarket of Memphis, where the competing home-buying market, due to government incentives allowing for small down payments, threatened the rental market. Our objective was to maximize rents in this competitive market, retain 95%+ occupancy, resolve the “fish-bowl” landscape that succumbed to flooding with every rainstorm, causing high repairs and expenses and unhappy residents, while meeting financial return expectations of ownership for a 10% cash-on-cash return for 4+ years and exit the property with a 2x multiple.
- Train onsite maintenance to provide and keep up with the PMG Monthly Maintenance Program, ensuring all physical building facilities and common areas are kept in pristine condition.
- Prepare and complete a cap-ex program to eliminate property flooding and improve overall site drainage.
- Train and encourage onsite management staff to provide a welcoming community with fun family events, attention to detail and persistent rent collection policies.
PMG was successful with resident retention, steadily increasing rental income over a 4-year period to outperform client’s return expectations, reducing the expense ratio year-over-year, and eliminating flooding on the property; ultimately yielding happy residents, increased value to the asset and a satisfied client.