From 32% to 100% occupied in 18 months

When Kleinman took over this property in June 2018, the 75-unit community stood at 32% occupancy. Kleinman led the renovation of 72 of its 75 units through 2018 and 2019, a $3.9M construction effort, and leased up the building at the same time.

By the first quarter of 2020, 18 months later, this property was 100% occupied. Rents rose along the way, with average in-place rent up from $1,211 to $1,352. With the construction year behind it, NOI grew steadily: $400K in 2019, $693K in 2020 and $784K in 2021.

By the numbers

• Occupancy: 32% to 100% in 18 months
• 72 of 75 units renovated
• Average rent: $1,211 to $1,352 (+12%)
• NOI: $400K (2019) to $784K (2021)