MARKETING/TRANSFORMATION Armory Square to Union Square, Windsor Year rehabbed: 2009 Creek View Housing, Vergennes Year rehabbed: 2004
ARMORY SQUARE APARTMENTS PROFILE AT TIME OF PURCHASE Downtown historic building in poor condition 74 Units Mod Rehab Section 8 with expired Tax Credits (2004) 50 of the 74 units occupied Local reputation as housing of last resort
UNION SQUARE - TRANSFORMATION Reduce number of units from 74 to 58 Reducing PB section from 74 to 25 Change unit mix Three bedroom units size increased Two bedroom units size increased One bedrooms werent available New Tenant Amenities: community room, on-site management, laundry room, and elevator
UNION SQUARE - TRANSFORMATION Management and marketing to re-brand the building New name New tenant profile – part of marketing
RELOCATION Vacate building and substantial rehab: Critical to have a plan and a budget Decision about when to begin leaving vacancies unfilled Who will be returning?
INVESTOR ISSUES Timing of admission – take care to deliver the best return Bank financial participation is limited if its a bond deal – no construction loan Good historical data with regard to market, income and expenses