March 2009 Newsletter
Cameron Creek – Still Going Strong
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.
Since then there’s been a complete turnaround at Cameron Creek, though. It’s not coincidental.
Occupancy in the past 18 months 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 always knew Cameron Creek Apartments to be a beautiful place to drive by. What they’ve been learning about recently, though, was the complete overhaul we recently completed. Confidentially, it was a $2 million renovation we initiated, and it’s touched everything from new carpeting to pristine counters. The work we did was also chock full of green touches, including new energy-efficient washers, dryers, dishwashers and ceiling fans in all 211 units.
Hey, the place is GORGEOUS!
Things are now looking pretty nice outside, too, as we’ve repaired roofs, repaved roads, installed new fences, and remodeled the office, clubhouse, fitness center, and pool. We even installed new fitness equipment and a new cyber café, ensuring that residents are getting the most out of living here and encouraging their friends to try and move in, too.
Cameron Creek’s reputation as THE place to live in Tempe has also been increasing. Again, no surprise, given that Sunrise has been overseeing 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. And when the sun rises tomorrow, isn’t that the most important part?
Kinda makes you wonder what we could do for YOUR property, doesn’t it?
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