MRG adds nearly 800 apartment units to property management portfolio
June 28, 2012
Just within the last several months, we have added 11 properties totaling 777 units to our 3rd party multi-family property management portfolio. Our objective with all of these properties is to improve revenues by leveraging the same MRG strategies used to achieve the competitive occupancy rates and lower-than-average turnover rates enjoyed by the rest of our portfolio.
The largest of these recent additions includes Highland Chateau, a 300 unit apartment community located on Raleigh-Lagrange; and Highland Hills, a 260 unit apartment community located at Hickory Hill and Mt. Moriah. An additional three properties totaling 111 units located near Getwell/240 will be marketed under the umbrella of MRG-managed Forest Pine & Cherry Garden Apartments. Six Midtown-area properties totaling 106 units will be marketed in conjunction with MRG-managed Midtown Place. Consolidating these smaller units and managing them within an existing property management infrastructure is a strategy we’ve used very successfully in the past to realize almost immediate cost-efficiencies.
Capital improvement projects, including such items as landscaping, re-opening several pools, and other lower-cost, high benefit improvements, are underway on these properties.