Multifamily Makeovers
Investors approach multifamily renovation projects in a variety of ways, with budgets of all sizes and diverse financing sources. But all these projects share a common goal--to increase a property's financial performance by making it more attractive to renters.
Investors approach multifamily renovation projects in a variety of ways, with budgets of all sizes and diverse financing sources. But all these projects share a common goal—to increase a property’s financial performance by making it more attractive to renters. Jair Lynch Development Partners, for example, recently closed on financing for redevelopment of the Paul Laurence Dunbar Apartments, a 171-unit rental seniors property in Washington, D.C. Renovations by Bozzuto Construction, WDG Architecture and Kettler Management will include a new HVAC system, elevator assemblies, lobby and common area finishes, ADA improvements and about $25,000 per unit.
Build it Green, a non-profit organization promoting resource-efficient housing, suggests reusing building materials such as hardwood flooring, lighting sconces, ironwork and building facades to reduce construction and demolition waste—and save money. Whatever the scope of your rehab or renovation, there are many products that can improve the appeal and functionality of the property.
Crystal Window & Door Systems has supplied over 2,600 energy-efficient replacement aluminum windows for the 40-story Knickerbocker Plaza apartment community in New York City. The property has undergone a major energy efficiency “weatherization” upgrade that also includes lighting improvements and new Energy Star appliances.
Speed Queen’s Energy Star-qualified Horizon EcoWatersaver front load washer is compliant with the U.S. Department of Energy’s 2007 commercial water standards for energy and water savings and is 100 percent ADA-compliant. It can handle loads of up to 18 pounds and uses as little as 10.9 gallons of water per cycle. The Horizon front load washer utilizes the same floor space as a top load unit, helping maximize space in the laundry room.
Lamin-Art has introduced 16 new decorative laminate surfaces for distinctive multifamily interiors. The Burlap Collection features burlap made from 100 percent jute textile, laminated between a melamine overlay and phenolic resin-impregnated kraft paper.
Generation Y is the largest demographic currently renting and is seeking color in their surroundings. PPG Pittsburgh Paints’ Accent Color Program—the latest offering through the Multi Vantage Property Management Program—can be used as an incentive to secure longer lease terms and renewals. Specifically designed for multifamily properties, the program features nine standard colors as well as custom options.
