Colonial Village
Plainville, Massachusetts
The DSF Group acquired, redeveloped and then sold this 399 unit garden style multi-family complex located half way between Boston and Providence.
Investment Opportunity
While the major structural and mechanical systems of this 1980’s garden apartment complex were in good condition when we acquired the property, it lacked any visual identity and the common areas such as the landscaping, club house and fitness center needed to be upgraded and modernized. Moreover, with little active marketing by the previous owner the occupancy was 10% below the area’s market average and rents were 12-15% below those of comparable properties.
Value Added Strategy
The DSF Group developed and executed a highly successful strategy. First, we gave the property a visual identity through selective design features, repositioned the property in the brokerage and business community and hired one of the premier national property management firms to install new systems and maintain and lease the units. Second, through an aggressive and creative marketing campaign we were able to increase occupancy to 98% and eliminate monthly leases. Finally, we pursued a selective capital expenditure program focusing on high value added items in the common areas that benefited all occupants rather than focus on selective individual units. Upon stabilizing the property and increasing rents we sold the property to a national multi-family residential company.