Introduction

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6900 Lofts is a reimagined 111-unit apartment complex in Parma, Ohio. RHM began renovations to the previous Statehouse apartments in2020, which lasted roughly 15 months. In the process, we allocated $1.4 million to improved flooring and energy efficient lighting in common areas, new unit finishes and appliances, modern exterior enhancements and the addition of a lovely fitness and business center. The strategic unit upgrades were completed while maintaining elevated occupancy, and all work was done in-house to ensure a high-quality level of finish. The transformation of 6900 Lofts immediately resulted in a more desirable community and improved the financial performance of the property.

Services

Property Management & Operations
Advanced Data Analytics
Financial Planning and Analysis
Marketing
Due Diligence & Market Research
Capital Improvements & Value-Add Renovations

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The Challenges

Dated unit interior and deferred property maintenance.
Poor reputation among perspective residents.
Renovating units while maintaining high occupancy.
Achieving a significant rent increase to justify necessary renovation scope.

Our Solution

Rebranded the property to highlight new modern features.
Used strong social media presence and marketing to increase the number of prospective clients.
Created a custom website to allow viewers a seamless viewing process of new updates.
Trained on-site staff members to sell residents on updated building features.

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The Results

Substantial increase in traffic of perspective residents and occupancy.
Platinum key award winner for NOAA.
Improved community reputation and desire to lease from 6900 Lofts.
Achieved rental premiums of 43%.