IT’S TIME TO TRANSFORM YOUR ANTIQUATED AMENITIES
Anyone who owns or manages a multifamily property understands how crucial it is to maintain high occupancy rates. With so much competition out there, it can be challenging to set your property apart from the rest. That is where amenities come into play.
Adding to or upgrading existing amenities is often overlooked. Many multifamily asset owners focus solely on the units, with the impression that renovating the units themselves will yield a higher occupancy rate and ROI.
Competition from new construction as well as upgraded existing properties should be the driving force for asset owners to consider investing in bringing their community to the next level.
Transforming your antiquated amenities may be a costly undertaking upfront, but the overall return is well worth it.
The scope of work from one project we’re currently working on in Omaha, Nebraska includes three major amenity transformations. We were tasked with the following:
- Repurposing one unused tennis court into a dog park
- Turning a pool into a splash pad
- Transforming a second unused tennis court into a sports court
All three projects were somewhat costly but a smart, strategic move on the asset owner.
To turn a pool into a splash pad required breaking the shell of the pool, backfilling it, installing the proper plumbing, pouring a solid concrete pad, and finally the installation of the splash pad surfacing and equipment.
Demo to remove the tennis courts and create a dog park has already attracted new tenants and retained current ones!
All three transformation projects were somewhat costly but a smart, strategic move on the asset owner.