Coronado Springs Apartments

Seattle (White Center), WA Project Type: Affordable LIHTC lease up and stabilized operations 332 homes

 

Project Description:

• With post renovation economic occupancy stalled at 79% for 6 consecutive months and conversion financing at risk, the ownership sought an expedient replacement of the current third party fee management firm to quickly energize leasing efforts and stabilize occupancy.
• The community is comprised of 306 apartment homes within a 9 story high-rise tower and adjacent single level cottage buildings.

 

Objective:

• An existing conventional apartment client contacted our firm convinced that if we apply our 4-P approach, including marketing expertise developed in the conventional apartment arena to his LIHTC lease-up, he would be able to sleep again.  Thus the objective simply stated was to provide professional level services and results allowing our client to resume normal sleep patterns!

 

Result:

• Working with a team of trained Indigo personnel as well as transitioning the existing onsite business manager into our team, the intense effort unfolded and results quickly followed.
• Economic occupancy was 79% in the month of transition and the financial results in the 3rd month post transition reflected 94% occupancy.
• Once economic occupancy stabilized for 3 consecutive months, our client was able to complete the conversion financing and avoid a potential huge capital infusion.
• The following 2 years we produced annual NOI growth averaging 13%.  
• Our client is comfortably sleeping again!