June 2008 Newsletter
Cameron Creek Apartments - Tempe, AZ
When the Sunrise Management team took over Tempe’s Cameron Creek Apartments in the last quarter of 2007, the community needed a bit of help. Vacancies had skyrocketed, resident retention left something to be desired, delinquency was at an all-time high, and rental rates were well below market.
In the last nine months there has been a complete turnaround at Cameron Creek, though, and it’s not at all coincidental. Occupancy has increased a full 11% (now 5 points above the market average), there’s zero delinquency, and resident retention has tripled. Rents have also increased between $30-$110, and are now on par with – or in some cases above - the competition.
Locals all know Cameron Creek Apartments to be a beautiful place to drive by. What they’re just learning about now, though, are the green touches - the new energy-efficient washers, dryers, dishwashers and ceiling fans that Sunrise just installed in the 211 units.
It’s a $2 million renovation we’ve initiated, and it touches everything from new carpeting to pristine counters. THE PLACE IS GORGEOUS!
Things are looking pretty nice outside, too, as we repair roofs, repave roads, install new fences, and remodel the office, clubhouse, fitness center, and pool. We’re even installing new fitness equipment and a new cyber café, to ensure residents get the most out of living here and encourage their friends to move in, too.
Cameron Creek’s reputation as THE place to live in Tempe is increasing as well, as Sunrise oversees the community’s marketing, communications, and public relations.
By handing over the day-to-day operations to the Sunrise team, Cameron Creek’s owners have had an impressive improvement in both their ROI and their NOI.
Kinda makes you wonder what we could do for YOUR property, doesn’t it?
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