Rogers Park Courtyard Building
Following a significant deterioration in NOI and rise in vacancy, the owners replaced their prior manager with 33. Upon takeover, 33 had to resolve a variety of criminal issues at the property, address critical deferred maintenance items, overhaul rent collection and bring operating expenses in line with market. A “stacking plan” had to be organized to systematically turnover the units and bring in an entirely new tenant base.
Within the first year of managing the property, 33 removed the problem tenants, replaced the former janitor with skilled maintenance techs and calendarized all contract services at the property to ensure only necessary expenditures were made. To further our efforts, we urged ownership to perform minor aesthetic upgrades to the units, add washers and dryers and cleanup all the common areas and grounds. As a result of our actions, occupancy increased by 60%, average rents increased by over 10% and operating expenses were brought down by 61%. As of 2021, 33 continues to manage the property.