MRG adds nearly 800 apartment units to property management portfolio

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.