Chalet Gardens Apartment Community Pine Hill, NJ

A 484-unit apartment complex was not meeting expenses, was 73% occupied, and was being sued by the local borough for failure to cure violations. The property’s mortgagee decided to move for a Receiver and selected AthenianRazak. We replaced staff, initiated an aggressive marketing program, and designed a phased repair and replacement program working within the property’s cash-flow to address both simple (sidewalk repair) and complex (failing sheathing) issues.

Leasing at the property was improved and occupancy increased. Deck and sidewalk repairs were completed and all sheathing repairs were made, causing the borough to drop its suit. Our market study and subsequent leasing success showed that rents could be increased, and we streamlined expenses.  In just 19 months we increased NOI by 95%, adding close to $8 million in value to the property.