Stoneridge at Hidden Hills
LEADING STONE MOUNTAIN APARTMENT REHABILITITION AND REDESIGN TO ESTABLISH BEDROCK OF STABILITY.
THE PROJECT: In August 2011, Catalyst purchased Stoneridge at Hidden Hills, a 435 unit multifamily apartment community, in Stone Mountain, Georgia. This property enjoys great visibility on Covington Highway, with over 40,000 pieces of drive-by traffic each day. This historically troubled property was purchased with over 100 down units, a fire-damaged leasing center, and a legacy of mis-management and neglect. At time of acquisition, the community was roughly 60% occupied.
THE CATALYST: Catalyst Development Partners strategically planned and executed a $7M renovation and re-positioning plan. Construction, Design and Management Support included:
- Interior Improvements: Rehabilitation of over 100 down units with installation of new carpets, updated cabinets and countertops, two-tone paint, and new appliances. Replaced full plumbing in all 435 units throughout community.
- Exterior Improvements: New hardy plank exteriors and paint on all buildings. New roofing was replaced on half of all buildings. Installed gates at two points of entry; installed new monument sign with refreshed logo. Complete rebuild of Clubhouse, Leasing Office, Fitness Center, and common areas. Enhanced parking lot with resurfacing and top coat. Resurfaced pool and pool deck, updated pool bathrooms.
- Property Management: Catalyst restructured and reorganized the management team, with ongoing weekly meetings to oversee operations. Closely monitored expenses and cash flow. Property required constant active management of expenses to keep up with high-demand of maintenance needs. Reduced the rate of evictions, and attracting qualified residents
- Challenges: Managing Payables, Reducing Number of Eviction Filings by improving qualifiction standards on the front end; adhering to those standards and consistently managing their effectiveness.
THE RESULT: The programmatic changes, extensive renovations and ongoing property management support resulted in improved occupancy and higher rents. In September 2015, Catalyst sold Stoneridge at Hidden Hills having achieved stabilized occupancy.