Acquisition of improvements and ground lease from two separate parties; $6 million renovation, entitlements/approvals, project reposition. Total project cost: approximately $29,000,000
BRE Properties, Inc.
Served as Development and Acquisition Director on this extensive renovation/repositioning project. Negotiated the purchase of the improvements and the ground lease from two separate parties. Oversaw a $6 million renovation, went through City approval process for complete reconstruction of the leasing center/clubhouse, extensive landscape improvements and unit renovation. Upon completion, the rents were increased an average of $450 per unit over the rents at the time of acquisition.
Negotiated the purchase of the improvements and the fee (building was on ground lease) from two separate parties.
Essentially turned over the entire rent roll and resident profile during the repositioning of the property.
