Page 16 - Parisi Management Group Capabilities Overview
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THE CHALLENGE
CASE STUDY III
Class-B Multifamily Apartment Community
Memphis, TN
PMG took over the asset management of a small, 76-unit multifamily apartment community in a remote (rural) submarket of Memphis, where the competing home-buying market, due to government incentives allowing for small down payments, threatened the rental market. Our objective was to maximize rents in this competitive market, retain 95%+ occupancy, resolve the “fish-bowl” landscape that succumbed to flooding with every rainstorm, causing high repairs and expenses and unhappy residents, while meeting financial return expectations of ownership for a 10% cash-on-cash return for 4+ years and exit the property with a 2x multiple.
THE SOLUTION
1
2 Prepare and complete a cap-ex program to eliminate property
Train onsite maintenance to provide and keep up with the PMG Monthly Maintenance Program, ensuring all physical building facilities and common areas are kept in pristine condition.
flooding and improve overall site drainage.
3 Trainandencourageonsitemanagementstafftoprovideawelcoming community with fun family events, attention to detail and persistent rent collection policies.
