NOI up 79% while operating costs fell 8%

This property is part of a six-community, nearly 400-unit portfolio that Kleinman has managed for its owner since 2008. Between 2015 and 2019, Kleinman remodeled 98 of the community's 126 units, most of them in a single wave in 2016. The rest of the units followed later over time as units turned.

The upgraded homes lifted what the property earns. Rent collected per unit rose from $1,065 to $1,376 a month, and annual rental income grew from $1.61M to $2.08M. At the same time, Kleinman brought operating expenses down 8%, from $1.03M to $952K. Together, that took NOI from $689K to $1.23M and sits at 99% occupied as of the 3rd quarter in 2026.

By the numbers

• 98 of 126 units remodeled
• Rental income: $1.61M to $2.08M (+29%)
• Rent collected per unit: +$311/month
• Operating expenses: down 8%
• NOI: $689K to $1.23M (+79%)