Case Studies

Pinellas Portfolio: Increased NOI by 80% in first year with our proven property management

The Pinellas Portfolio, a 114-unit complex spread across five properties in Pinellas County, Florida was facing significant challenges with high vacancy rates and tenant dissatisfaction. Their outdated leasing strategies and lack of focus on maintenance were leading to lost revenue and a damaged reputation.

We stepped in to implement a comprehensive property management strategy that prioritized tenant needs, proactive maintenance, and effective marketing. The results were impressive: a 80% increase in NOI and a 27% increase in occupancy within twelve months. We also improved tenant retention and revitalized the community atmosphere through a well executed capex program.

Acquired: July 2021
Purchase Price: $10,550,000 ($92,500 per unit)
All-In Cost: $13,948,000 ($122K per unit)
In place effect rent at closing was $989 and currently is $1,304, an increase of $315
- 5-year proforma rent is $1,313
Turned 78 units to date with highest in place lease currently at $1,530
Exit in year 5 or sooner at $153k per unit or greater
Currently seeking sale at $180k/unit

78/114

UNITS TURNED

$1,530

NEW LEASES ($)

32%

RENT INCREASE

Before Photos

After Photos

Fontains at Pinellas Park: Our team increased total income by 70% and NOI by 87% to date.

Fountains Residences struggled to keep pace with the market. Rental rates lagged at $877 per unit, and operational inefficiencies hindered tenant retention. Many units required modernization, and without intervention, the property risked prolonged stagnation.

Recognizing its potential, Encore executed a strategic repositioning plan, upgrading 61 out of 92 units to enhance livability and market competitiveness. Lease structures were adjusted to match demand, pushing rental rates 65% higher to $1,453 per unit, with the highest lease now at $1,495 per unit.

Our team increased total income by 70% and NOI by 87% to date. The property now operates at 98% occupancy and is on a stronger financial foundation.

Acquired: December 2021
Purchase Price: $11,000,000 ($119,565 per unit)
All-In Cost: $13,180,000 ($143K per unit)
Renewed 31 and turned 30 units, total of 61 units to date with highest in place lease currently at $1,400
In place effect rent at closing was $877 and currently is $1,160, an increase of $283
- 5-year proforma rent is $1,353
Exit in year 5 or sooner at $178k per unit or greater