Value-Add Strategy

To capitalize on the influx of newcomers to Cookeville and attract young students, the property underwent substantial renovations to improve curb appeal and bring the units up to modern standards. These renovations included exterior structural aesthetic enhancements and interior upgrades that involved revitalizing the kitchen and introducing contemporary design elements. By opening up the kitchen nook, refinishing or replacing countertops, backsplashes, flooring, and lighting, and implementing a new paint scheme and appliances, each apartment was transformed into a vibrant living space, granting a competitive advantage over neighboring complexes.

Previously, the property’s owners heavily relied on traditional marketing methods for leasing. However, transitioning to contemporary marketing strategies have proven to effectively reach and engage a younger demographic that had been previously untapped. This involved taking advantage of listing partnerships, establishing a new website with sophisticated branding, incorporating user-friendly chat functionalities, fostering stronger connections with prospective tenants. Furthermore, on-site storage solutions were introduced to the property adding additional revenue streams. These strategic initiatives enhanced the property’s appeal while maximizing its income potential.