Mont-Del is a portfolio of five class B multi-family assets totaling 309 units in the Montgomery and Delaware county suburbs of Philadelphia. The properties were acquired from an elderly owner who was self-managing the property.
The assets needed both interior and exterior improvements as well as an operational overhaul. The garden-style apartment complexes required a full top to bottom expense and vendor review and re-bid and a new set of policies and procedures implemented to ensure tenants were receiving professional level service and the leasing and property management offices were effectively marketing the property and responding to tenant demands.
GPX systematically renovated units as they became available over a three-year period, which allowed for increased rental rates, higher quality tenants and a more desirable asset base. Interior renovations included new kitchens and bathrooms, updated common areas with new paint and carpet, new windows, landscaping, and new asphalt, curbing and sidewalks as needed. GPX increased the credit requirements for new tenants, the retention rates of existing tenants, and decreased the credit loss at the properties. NOI was more than doubled over three years, and the portfolio was sold to large two regional investors in 2011.