This 181-unit conventional apartment community was plagued by high crime and a very negative reputation. The City of South Bend even passed a Chronic Nuisance Ordinance due to the large volume of police calls to the property. There were serious deferred maintenance issues that led to numerous water leaks and mold issues. Most of the cabinetry and flooring were in very poor shape which made it impossible to attract good residents.
Conventional Apartment Management
Location
South Bend, Indiana
Property
Conventional Apartment Management
Services
Multi-Housing Management
SOLUTION
Bradley Company began by evicting problem tenants. While this initially led to increased vacancy, it also provided the opportunity to completely remodel the units. In addition to new flooring, kitchen cabinets, and appliances, the exterior was remodeled and landscaped, and all the horizontal water lines were replaced to virtually eliminate all the water line leaks. More rigorous applicant screening was used to lease up the newly renovated units.
RESULTS
Occupancy has been steadily growing and calls to the police have declined approximately 90%. The property is now no longer a cause for concern in the neighborhood. The financial performance continues to improve as less money is spent on damages and repairs. The stability of the property attracts new residents, which improves the net operating income.
