VASEO APARTMENT LIVING
Phoenix
VASEO APARTMENT LIVING
MANAGER/CONSTRUCTION: Alliance Residential
AREA RENOVATED: Leasing center
ROOM SIZE: 3,780 square feet
CHANGES MADE: Total overhaul. Outside: cultured stone, planter walls, new signage, new stairway with slate treads, new tile, and new windows. Inside: warmer Tuscan look continues with natural stone, wood, more glass, open architecture with separate private meeting area and waiting area with interactive floor plans, and snappy furnishings
COST FOR IMPROVEMENTS TO LEASING CENTER AND ENVIRONS: $289,217
INVESTED PER APARTMENT UNIT: Average cost, $6,824.74
RENTS AFTER REHAB: One-bedroom, 691 average square feet, $733 average rent; two-bedroom, one-bathroom, 935 average square feet, $842.50 average rent; two-bedroom, two-bathroom, 1,014 average square feet, $900 average rent
RENT INCREASE PER UNIT: $87
PRE-REHAB OCCUPANCY: 85 percent
POST-REHAB OCCUPANCY: 92 percent
COST PER SQUARE FOOT/ROI: $5.33/15.3 percent
MFE ARI: B+
THE SITUATION: Built in 1986–1987, Vaseo Apartment Living, with 1,222 apartments in 88 buildings (85 of which house rental units) on 65 acres, is the largest multifamily rental property in Arizona. But because of deferred maintenance due to economic downturns, the buildings desperately needed a face-lift. Klein Financial Corp. undertook a substantial remodeling and rebranding, inside and out, starting last year.
THE CHALLENGE: Rather than reduce costs as many competitors have done, Klein focused on a wider demographic set than the original low-to-medium target by upgrading the buildings’ exteriors and interiors to attract professionals and families as well as the existing affordable pool of applicants, says Forest White, director of asset engineering.
THE RESULT: Whereas the prime prior amenity was a basement-level fitness center, there’s now a smorgasbord of communal spaces that inspire camaraderie among the 2,500 residents—including an above-ground workout room, demonstration kitchen, gathering center, kids’ room, dog park, and separate leasing and resident service centers. “Residents with service requests used to mingle with new prospects, who might hear complaints,” says White. In addition, apartments throughout are being remodeled, and the former tropical-style exterior décor has been replaced with a Tuscan-inspired face-lift. “It’s made a huge difference in attracting drive-by traffic,” White says.
