Apartment Renovations Part 2: Community Assessment

redeveloping multifamily housing

In our last post we discussed the first step of an apartment renovation project- stretching our imaginations and developing a preliminary budget. Next, it’s time to gain a real-time assessment of conditions at your community. Professional Multifamily Redevelopment performs a comprehensive inspection of the entire property, including site drainage, landscaping, amenities, and complete interior and exterior building inspections.

Before we actually begin the physical inspections, PMR interviews as many members of the on-site team as possible.  This includes maintenance personnel, management, and leasing staff.  Each of these team members can provide a different perspective on the community’s challenges and potential, allowing us to achieve a more comprehensive understanding of the property.  We never assume where we’ll gain insightful knowledge about the conditions, market, or next great design idea- everyone contributes.

Inspecting the apartment community to obtain first-hand knowledge of the property is critical.  We often discover conditions the owner or management team is unaware of.  We share this information promptly, especially if we notice a critical issue. We also find it helpful to follow up with the on-site team about their vision as we’re learning more about their community.

Upon inspection and data collection, it’s time to formulate budget ideas.  Again, at this stage, PMR does not stop at an arbitrary budget total.  We put together a comprehensive renovation and cost plan that can be adjusted according to the owner’s decisions.  It’s important to us that our client sees the full potential of the community.

We recommend that apartment owners prioritize their apartment redevelopment construction according to these categories:

  • Life Safety

  • Deferred Maintenance

  • Immediate Repairs

  • Code Compliance Upgrades

  • Unit Interiors

  • Potential Down Units

  • Apartment Building Exteriors

  • Site Improvements

  • Amenities

  • Marketing

From this point, the apartment owner or management team can begin making decisions that will shape the redevelopment and renovation plan.  Repositioning apartment communities is a team effort and an exciting opportunity for you to develop a new vision for your real estate investment.

Stay tuned for Part 3 of our series on apartment renovations, in which we’ll discuss the Scope & Design Development Phase.

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