In April, Home Properties got started on a $3 million, three-year renovation of Stone Hill Apartments in Brookhaven, Pa. a complex of 11 three-story buildings with 205 units that Home Properties had purchased in November 2013.
This company is upgrading these garden apartments’ kitchens with maple cabinets and brushed-steel finishes. The units’ bathrooms will now have tub surrounds, two-tone paint and six-inch wood baseboards. Lighting, plumbing and electrical services are being improved. And, in response to resident feedback, Home Properties is installing energy efficient windows and sliding glass doors.
The initial results of this acquisition and renovation have been positive in terms of bumping up monthly rents for a two-bedroom apartment to $1,040, from $918 in December, thereby exceeding the 10 percent return on investment target Home Properties typically shoots for on interior rehabs, according to its senior vice president of property management Bernie Quinn.
Read more...Rehab ROI: Which Upgrades Cause the Biggest Rent Bumps? - Multifamily Executive Magazine
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