Case Studies: The Park at Riverview Apartments

The Park at Riverview Apartments, Atlanta, Georgia

The Opportunity

  • Riverview Apartments was acquired by St. Clair Apartments in August 2013.  The Class B, 228 unit asset was, at purchase, a 100% tax credit property.
  • Our Partners: Pillar Financial & Lubert-­Adler

Our Performance

Our strategic objective was to infuse the project with energy from new ownership, management,  and  a  resident-­focused  operating  model  which  would  allow conversion of all new leases to market rent levels – thereby increasing income and value.  Immediately upon closing, we:

  • Rebranded the name to The Park at Riverview apartments.
  • Implemented high-­touch leasing and management programs.
  • Pursued capital initiatives to update the property’s management office and laundry, fitness, and business centers. Improvements also included sustainable initiatives such as replacing all toilets (which decreased water cost by 53% in the first post-conversion month) and numerous aesthetic enhancements, including replacing vinyl siding with Hardiboard.

The Bottom Line

By our 6th month of operation, occupancy was increased to the 90% threshold. Lease rates were increased by an average of 10.1% over the first 6 months of operation with a remarkable 68% renewal rate. We have closed significant ground in this short period and are within reach of the submarket effective rent rate. We’ve dramatically strengthened the perception of active and engaged ownership and management teams, which has allowed us to launch aggressive online and direct marketing campaigns that targeted a more stable and affluent resident demographic.