Paramount
Denver, Colorado
Large traffic counts and a “hard-corner” location offered excellent visibility for improving the property’s drive-by.
Case Study:
Los Piñones
Santa Fe, New Mexico
Largely overlooked tertiary market with exceptional renter demographics.
- Year built
- 1977
- Total units
- 162
- Class
- B
- Renovation
- $2,648,000
Opportunity
One of two well-maintained class B multifamily assets purchased in prime locations in Santa Fe, NM during 2016.
Largely overlooked tertiary market with exceptional renter demographics and extreme supply constraints.
Property owned by the same family for over two decades, representing a strong opportunity to add value through both common area and unit improvements.
Swimming Pool
Living Room
Kitchen
Outdoor Fireplace
Clubhouse
Execution
Virtú near completion on $2,648,000 ($16,974/unit) renovation. Enhancements to date have been transformational.
Extensive improvements made to property’s exterior and common areas including a newly remodeled pool and resident lounge.
Unit renovations designed to reduce monthly expenses by incorporating LED light kits, low flow plumbing fixtures, programmable thermostats, and Energy Star appliances.
- Improved resident inquiries
Traffic counts for new resident inquiries up nearly 25%.
- Improved occupancy
Occupancy rates now averaging in excess of 96%.
- Increased rent
Asking rents for renovated units have increased nearly 30% over going-in rent-roll averages, two years after purchase.