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Avita's transformation of a Class C asset in San Antonio exemplifies the impact of targeted renovations on property value. With an 18% increase in Net Operating Income (NOI) by the end of the first year, the project centered on enhancing Gross Potential Rent (GPR) through the strategic upgrade of unit interiors and careful pricing of premium units.
Alongside the GPR boost, Avita implemented cost-saving measures that significantly reduced variable expenses by $0.1M. Maintenance and personnel costs were cut without sacrificing service quality, showcasing the company's commitment to operational efficiency.
Even with a slight increase in revenue loss due to bad debt, Avita's strategies ensured overall financial health. By reducing the number of non-revenue units and concessions, the firm successfully mitigated potential negative impacts on the bottom line.
Avita's case study serves as a blueprint for property managers aiming to optimize Class C assets. The San Antonio project demonstrates how strategic renovations paired with smart financial management can result in significant NOI improvements within a short timeframe.
To delve deeper into the strategies and outcomes of this case study, please get in touch.
