DuCharme Place
- 1544 E Lafayette Street | Detroit, Michigan
- Property Type: Multi-Family
- Size: 185 Units
- Assignment Type: Lease-Up, Property Management
Challenges
Originally scheduled to open in October 2016, due to third-party construction delays the property wasn’t available for occupancy until April 2017. Preleasing had begun in earnest and many people on the waiting list found alternative housing. Compounding the construction delays, the property, while brand new, sat outside the CBD by about one mile creating a competitive disadvantage to other housing being built/renovated in the CBD.
Solutions
Friedman focused on maintaining the waiting list and managing expectations of those who expected to move in months earlier along with the expectations of ownership and the lender during the period between initial scheduled occupancy and actual occupancy in April. We mitigated potential problems through highly personalized attention and on-going communication with all stakeholders, including hosting several open houses to maintain interest.
Results
From first move-in on April 20, 2017 to October 1, 2017, occupancy stabilized at 90% and we increased market rents by 10% during that time due to the high demand for this community. This community continues to enjoy more than 95% occupancy regularly with numerous rent increases along the way.
