When acquired, Heather Hill was undercapitalized and suffered from deferred maintenance. The property was undermanaged and under-merchandised in the market and was lacking true customer service.
The Donaldson Group managed a $6.8mm renovation that, in addition to interior unit upgrades, included a complete re-build out and re-furbishing of an existing underutilized leasing center. As part of the leasing center upgrade, we added a fitness center and a business center, totally re-designed the leasing office space, and converted additional building space to a new model unit. We also significantly upgraded the expansive pool area, re-furbished the youth activities center, enhanced the building facades (including balcony railings and new siding), upgraded common areas, extensively re-landscaped the property, and greatly improved the existing mechanical systems.
As a result, we increased rents approximately $300 per unit (renovated) in less than 2 years and increased the NOI approximately 45% in less than 2½ years.