We have high expectations for ourselves as we know that these expectations translate into an apartment community with happy residents.
NOTTINGHAM, Md. (PRWEB) March 05, 2018
The Parkville/Carney/White Marsh submarket was one of only two of Baltimore’s submarkets to experience negative absorption – supply is greater than demand and vacancy decreases – in both 2016 and 2017, according to CBRE’s Q4 2017 Marketview for Baltimore Metro Multifamily. However, Drucker + Falk, a full service real estate and investment firm, took over management of Dunfield Townhomes in September 2017 during this time and before the close of the year – and since then – has bucked market trends in the area.
The apartment community, comprised of 78 units designed as affordable housing and 234 units rented at market rate, is owned by AHC Inc., a nonprofit developer of affordable housing in the mid-Atlantic region that provides quality homes and education programs for low- and moderate-income families since 1975. In partnership with AHC Inc., Drucker + Falk outlined measures of success for this assignment, including improving occupancy, decreasing operating expenses, and achieving higher asking rental rates on its 234 market rate units. To do so, Drucker + Falk brought in senior property manager, Donna Baldree, CAM, to optimize investment outcomes while maintaining pristine compliance with all requirements for Dunfield Townhomes’ 78 units designated affordable.
“We believed that the on-site presence of our management team would be crucial to navigating the delicate balance of improving communication, maintenance repair, and review of outside vendor contracts for immediate efficiencies,” said Kimberly Krzemien with Drucker + Falk. “We selected Donna, a seasoned senior property manager with our firm, to lead this assignment because of her strengths in customer service and team building, and the knowledge and understanding of how improved operations ties into the success of a property.”
Moving the management office to the center of the community, which features a brand new 24-hour fitness center, community playground and grilling station, Drucker + Falk’s program resulted in achieving measurable success before the six-month mark, including:
- Improved occupancy by 7% in a 4-month period from the annualized performance. This number has been held since it was achieved.
Resident profiles were reviewed to focus on resident retention while strategically identifying marketing opportunities to drive more traffic to the community.
- Increased income by 3% compared to the projected budget.
This was done not only by strategically reviewing vendor contracts for efficiencies, but also by gaining an understanding of the property’s needs and meeting them with the most affordable and best option for repair and future success of the property.
- Increased rents on the market rate units by 4% in the second month.
“We have high expectations for ourselves as we know that these expectations translate into an apartment community with happy residents," said Andrew Chisholm with Drucker + Falk. “We are proud to partner with AHC, Inc. on its partial affordable housing apartment community in an area underserved by affordable housing options.”
Drucker + Falk offers comprehensive real estate and investment services designed to address the most challenging and complex owner needs. Drawing on eight decades of experience, vast corporate resources, and a team of some of the most highly skilled and certified property management professionals in the industry, Drucker + Falk employs nearly 1,000 team members and manages more than 30,000 apartments in nine states: Virginia, Maryland, North Carolina, South Carolina, Georgia, Florida, Tennessee, Indiana, and Missouri.
ABOUT DRUCKER + FALK
Founded in 1938, Drucker + Falk is a full service real estate and investment firm managing a diverse portfolio of nearly 30,000 apartments in nine states. Drucker + Falk specializes in multifamily management of all asset types including new construction, mixed use, affordable and conventional as well as rehabs and upscale multifamily historical conversions. The company also provides services for development and construction consultations, due diligence, rehabilitation and asset repositioning. To obtain more information visit http://www.druckerandfalk.com.