NOI more than doubled since 2015

Kleinman took over two communities in one portfolio in January 2015 and has led two distinct programs there since.

The turnaround, 2015 to 2020. The first five years focused on the buildings and the operation. Kleinman reinvested $5.0M, most of it in building improvements, and stabilized the community from 88% to 99% occupancy, holding between 97% and 99.7% from 2017 on. Average rent rose from $856 to $1,087, and NOI grew 83%, from $1.07M to $1.95M, while day-to-day operating costs per unit held flat for five years.

The repositioning, 2021 to 2026. Next came a full interior program: 284 of 300 homes, 95% of the community, remodeled between 2021 and 2025. Remodeled homes re-leased for a median $120 more per month, an 11.2% increase against 0.7% on normal turnovers. Average rent rose another 22%, to $1,328, and new utility billing added $165K a year. NOI reached a record $2.25M, even after property taxes and insurance rose $264K. The community is 98% occupied today.

By the numbers, since 2015

• Occupancy: 88% to 98%
• Average rent: $856 to $1,328 (+55%)
• NOI: $1.07M to $2.25M (+110%)
• 95% of homes remodeled