Residential Property: Building Occupancy

When Friedkin was hired to manage this property, the current owner was making constant cash infusions just to keep the building running. All of the apartments required some level of restoration. Many of them were vacant and several were uninhabitable. The previous manager had started to renovate some of the units but left them half-completed and un-rentable.

We put together a comprehensive management plan: hiring an experienced manager, establishing a capital reserve to complete necessary restorations and developing a leasing strategy. Accessing our capital reserve that we established, the new building manager executed a unit-by-unit renovation—on time and on budget.

With newly renovated units, our leasing initiatives commenced, and the occupancy rate rapidly increased. Thanks to a positive cash flow, the capital reserve was restored in short order. As a direct result of our management plan, the property continues to maintain high occupancy and a strong positive cash flow.

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