Oliver Properties secured an immediate $4.5 million for capital expenditures.
The development plan included replacing the roof and aging HVAC systems, elevator controls, fire monitoring, and windows, as well as renovating the apartments from 80's finishes to modern with granite countertops, new cabinetry, bathroom renovations, and in-unit washer/dryers added where possible. The ground floor commercial space was converted into a high-end amenity lobby, with a suite of modern amenities added including a fitness center, study lounge, patio decks with grilling and firepits, Starbucks café, micromarket, valet trash, and fully renovated laundry room. The remaining commercial space was converted into another grand entrance lobby and 8 additional premium loft style units were built in the former office spaces.
The management plan included a full staffing, new processes for resident experiences, maintenance programs, amenity activation and operations, full rebranding, elevated online presence, and a full lease-up with strategic marketing to reach full potential market rates.