Village East Apartments
MBP Capital, Inc. represented the experienced, local buyer of Village East when they purchased the property in August 2013. The property had been listed on the market for one year and had fallen out of contract several times due to deferred maintenance issues. Village East had significant deferred maintenance that required attention including major foundation work. MBP’s experience with capital projects allowed us to craft a renovation plan that cured the deferred maintenance, moved residents around during the foundation repair, improved the unit interiors, amenities and curb appear all while satisfying the lender’s needs.
Catalyst Multifamily Management was able to increase rental rates by $90 property wide during the first 12 months and implement a utility billback program for water, sewer, gas, pest control and trash. The utility billback has gone from $0 to $7,500 per month significantly increasing the value of the property.