“We don’t really take projects from an A to A-plus, but they’re definitely in good shape and look great,” says Mike Archer, Camden’s national facilities director.
The Bennington
Greensboro, N.C.–based Bell Partners did a total rehab with The Bennington in Atlanta—right down to changing the property’s name from Bennington Towers. The company thought the property was ripe for a rehab because of its location, which offered 360-degree views of both downtown and midtown Atlanta and Buckhead.
The property, which was one of the few in the area not converted to condos, was built in 1984, which meant that it was still in great structural shape but simply needed some renovation work on interior units, amenity areas, and exterior aesthetics.
“Through these efforts, we were also able to generate a healthy ROI on these renovations, pointing to the success of the renovation program,” says Durant Bell, principal of operations at the company. “We think and hope the renovated units and new finished amenity areas speak for themselves.”
Location: Atlanta
Company: Bell Partners
Number of units: 84
Amount invested per unit: $5,500
Rent increase per unit: $100
Pre-rehab occupancy: 90%
Post-rehab occupancy: 92%
Scope of rehab: Lobby, leasing office, cabinets, countertops, washers and dryers, appliances, flooring, paint, carpet, chiller, boilers, pumps, and holding tanks
Overall, there’s no average age of a property that companies today are looking to upgrade. Many 10- to 15-year-old properties obviously have dated finishes and are in need of some value-add help. But some properties as young as seven years old could use new appliances to fill a void in a market without a lot of new construction.
“The market has an opportunity to go in there and do stainless steel over nice white appliances,” says MAA’s Nischwitz. “Stainless has a lot more potential than white. We’ll put the white appliances in another community that may have an old almond.”
