Apartment community in East Haven, CT
THE PROPERTY 510 Main is a fantastic success story of a renovation plan that worked through careful management, thoughtful selections, and creative ingenuity. The property, known as Trolley Park prior to purchase in mid 2011, is a 214-unit market rate property in East Haven, CT with 126 studios and 88 one-bedroom apartments. It is adjacent to Autumn Ridge, a 116-unit property which Beachwold Residential has owned for fourteen years and Tarragon/US Residential Group (USRG) has managed consecutively. Beachwold’s renovation plan – including extensive exterior building façade changes, interior apartment upgrades, and common areas enhancements – provided a significant opportunity for rent and occupancy growth. USRG executed and managed from takeover, to rehabilitation, to stabilization, and propelled this property to achieve and beat pr oforma estimates for rent growth.
THE CONSTRUCTION, MANAGEMENT AND MARKETING TEAM — A SYNERGISTIC APPROACH Beachwold Residential’s development team and USRG’s management team, together with Brio Consulting marketing strategy firm, all specialize in re-energizing real estate developments. The team brought a special sense of synergy to the construction and design process through collaboration in all aspects of the management and marketing process. They worked seamlessly as owners, district/regional and property managers to ensure that all marketing messages were unified from signage to the new amenity spaces that they created for the residents at 510 Main. This was especially important in this case, to support a repositioning plan and overcome the tarnished image that Trolley Park acquired in the past. The management team’s primary goal was to effectively communicate to the market of East Haven that there are changes in progress, and continue to build excitement about what’s next and what’s new throughout the entire renovation process in order to support rent and occupancy growth. The team’s value approach, extensive industry knowledge, and intimate Connecticut experience gives them a competitive advantage because they understood what works in the CT market and had the tools necessary to reposition 510 Main in the East Haven market.
THE RESULTS We are proud to report that the renovation is complete. The residents at 510 Main have a brand new resident lounge with wi-fi connectivity, a newly equipped fitness center, and refreshed clothes care center. Buildings are freshly painted, hallways newly carpeted, and balconies have been replaced. And the best part… our efforts paid off exponentially! Average rent increase since take over is $170 and occupancy has risen and stabilized since takeover from 80% to 94.3%.