Success Stories
Case Studies on Growing Value/Effective Property Management
Outlined below are five examples outlining how Redside has helped clients more effectively manage their buildings. These are just a few examples for how Redside has helped clients build value and monthly distributions from their investments.
Long-time Seattle family selects Redside after 15 years with another management company
This family owns a 20-unit property on Capitol Hill and a 40-unit building on Queen Anne; both are wonderful brick buildings with charming apartments built in the early 1900’s.
Redside’s first priority was to go through each unit in both buildings to get an understanding for the general conditions. Many of the apartments had significant deferred maintenance and rents which were considerably under market. Reasonable, stepped, rent increases were issued over the first few months of management.
Redside then worked with the owners to establish a plan to upgrade the building. This included helping the owners secure a loan with a local bank, enabling them to fund upgrades to nearly 40% of the apartments over the following twelve months without impacting monthly owner disbursements.
Over the following twelve months, revenues increased an average of 35% per month; resulting in what will also be a 35% increase in the monthly disbursement to the family.
Family retains Redside to professionally manage a mixed-use building transferred to second generation of family members
After nearly forty years of owning a Queen Anne mixed-use property on top of Queen Anne hill, the second generation of owners selected Redside Partners to help them manage their inheritance.
Redside worked with the owners to slowly increase residential rents 30% over the first 15 months, and on behalf of the owners negotiated a new lease with a highly regarded, long-term retail tenant. This new lease better aligned the space with other retail rents on Queen Anne and captured operating expenses in the lease—meaning that the tenant paid its share of property taxes, insurance, management fees and other relevant operating expenses.
After 15 months of attentive management, Redside was able to increase the monthly disbursement to the owners over 30%.
Redside selected to lease up and manage mixed-use property on Capitol Hill after assisting with major building renovation
Redside helped arrange and manage the redevelopment and repositioning of a 26 unit building with six commercial spaces. Originally built in the 1920’s, this mixed-use property had extensive renovations and repairs done to all the apartments and systems in the building.
At the conclusion of this work, Redside developed and executed a plan to fill the building with new tenants. The building was full in four months and now has an average rent per foot of nearly $2.00.
Two sisters choose Redside after learning their mother’s buildings had been poorly managed by prior company
Unfortunately it wasn’t until the death of their mother that these two sisters understood how inattentive the previous management company had been. Collectively their mom’s Queen Anne and Fremont buildings had nearly a 30% vacancy rate and one tenant was three months behind in rent.
After three months of managing these properties, Redside had filled the buildings, reduced management fees by 25%, helped update nearly half the apartments, and helped increase rents by 30%. The two sisters that inherited the property from their mother are now receiving consistent monthly disbursements.
New owner selects Redside to manage a newly acquired 18-unit building on Capitol Hill
After carefully considering another company that manages other properties of this owner, Redside was selected to manage this new purchase. Redside worked carefully with the owner to update the interior of the building and nearly all of the units over the first twelve months of ownership.
After managing this property for nearly two years, rents at the building are now up over 22% and average nearly $2.00/foot in rent.