6/30/2011

Going The Extra Mile So That Apartment Communities Can Be Successful

On March 1, 2010, Eugene Burger Management Corporation began the management of Sebastopol Square Apartments, a small 21 unit apartment community, owned by the Warren Family Trust. The Asset Manager for the property was Mr. Richard Forsyth, CPM of  - Westerrra Realty & Management located in Salt Lake City, Utah.   

At this time, Mr. Forsyth, CPM and Lori Burger, CPM - Senior Vice President for EBMC were serving together on the Executive Committee for the Institute of Real Estate Management (IREM) and were meeting in Chicago, IL.  After the meetings concluded, Mr. Forsyth took the opportunity to describe the unsatisfactory property management issues he was facing at the property and that numerous escrows had fallen through in their attempts to sell the property.  Lori offered EBMC's services and soon after that meeting concluded, Mr. Forsyth contacted EBMC wrapped up contract negotiations with Mr. Forsyth.

When EBMC began managing the property it was at fifty-percent (50%) occupancy. There had been a fire at the property sometime prior and four units were unrentable, the property suffered with an extraordinary level of deferred maintenance and rents were far below market rate.  Under EBMC's capable leadership, over the next three-month period the units which had been down due to the fire had been restored to a marketable condition and overall site maintenance and curb appeal were dramatically improved.   With a lot of hard work and dedication to improve site operations the property sold to Sleepy Hollow Investments, LLC on September 7, 2010. 

The new owners of the property retained EBMC and they have invested funds to further improve the property.  The property currently enjoys a ninety-six (96%) occupancy and rents have increased between $100-$250 per unit.

The weekend of  June 11-12, 2011, EBMC's dedicated staff including Elena Fernandez and Nancy Johnson hosted the Grand Opening to celebrate the accomplishments the new owners have made to the property.  Staff brought their families to meet the residents and share in the celebration.  The newly renovated swimming pool is amazing.  The owners of the property attended the Grand Opening, visited with residents and enjoyed the barbeque.  It was a huge success and resident satisfaction is now at an all time high. 

The owners expressed their appreciation to EBMC for "Going the Extra Mile" to make the community as successful as possible.

 

 

 

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