HOW WE WORK
Landmark works directly with business owners and property management companies to provide solutions tailored to their goals while allowing tenants to remain in their units, providing the least amount of disruption to the tenants and on-site management.
While the solution appears straightforward – e.g. renovate the units with the tenants in place – the implementation requires:
Traditionally there are 2 ways renovations are approached:
1. Renovate as Units Turn Over: This method involves renovating the units as they are vacated by tenants. This approach takes time as multiple variables impact the speed of the renovation: tenants moving out and availably of subcontractors both can slow down this process.
2. Renovate in Phases. This method involves rehabbing entire buildings, all at once by relocating tenants into other spaces over time. This approach results in an excessive amount of vacant days.
Obviously, the revenues lost during either approach is a problem. But Landmark has a proprietary method of renovating units with the tenants “in place” with little-to-no disruption in their daily lives and no disruption in the revenue they represent.
Landmark’s innovative approach to rapid occupied unit renovations drives capital improvement projects for multifamily market rate housing, student housing, and affordable housing.
In addition, Landmark also performs the following competencies:
Phased: Complete project in 7 phases. Vacate 36 units and renovate 36 units at a time.
Unit Turn: Renovate units as leases expire and tenants move out. Assume 10 units per month.
Occupied |
Phased |
Unit Turn |
|
---|---|---|---|
Project Duration | |||
Months to Complete Renovation | 6.5 mo |
13 mo |
24 mo |
Days to Complete Each Unit | 10 days |
40 days |
10 days |
Vacant Days | |||
Vacant Days Per Unit | - |
40 |
10 |
Total Vacant Days (240 Units) | - |
9,600 |
2,400 |
Rent | |||
Average Monthly Rent | $1,200 |
$1,200 |
$1,200 |
Average Daily Rent Lost during Vacancy | $39 |
$39 |
$39 |
Rent Increase | |||
Average Monthly Rent Increase post Renovation | $175 |
||
Average Daily Rent Increase Lost during Vacancy | $6 |
||
Lost Rent | |||
Lost Rent Due to Vacancy during Renovation | - | $378,740 |
$108,493 |
Months of Lost Rent Increase due to Slower Renovation | 660 |
||
Lost Rent Increase due to Slower Renovation | $115,500 |
||
Total Lost Rents | - | $378,740 |
$223,993 |