The Challenge: The property was originally developed as a LIHTC community, owned by 75 disparate entities, and spread over 4 homeowner associations, and therefore performing poorly due to lack of cohesive management.
Strategy: Reposition the asset by consolidating the property into one market rate community, under one ownership and management. To capitalize on the uniqueness of being an all townhome community and having a quaint surrounding.
The Outcome: Completed a full renovation of the property’s exterior, and nearly 50% of the interiors. Through creating an attractive and desirable community atmosphere, Brookhaven succeeded in doubling the rent roll, while maintaining a near-100% occupancy. The property value tripled over the ownership and management of Brookhaven.