6401 Beard Ave
Brooklyn Center, MN 55430
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To come up with a quality renovation without exceeding a budget of around 10K per unit. Most renovations of this type currently exceeding 15-20K, so this was a very tight, well-planned budget that resulted in very nice finishes at the lower cost. Some of the problems included:
Rent was way below market and the city of Brooklyn Center required more up-front work and planning than other markets we have been in. In the long run, they were great partners, but it added to the initial planning. Our goal was to complete a timely large-scale renovation under budget, which we did achieve.
The Avenue apartments quickly became a sought-after apartment community to date with some of the highest advertising traffic results of any property we manage. The rent roll literally increased by $13,880.00 per month or over $166,000.00 per year in additional rental income since purchase! We believe this was from the mixture of design, renovation, marketing and coordinately management/team effort in keeping the quality of living standards high, yet affordable at the property.