The article “4 Value-Add Redevelopment Strategies Owners Can’t Afford to Miss” by Fogelman’s SVP of Development David Nischwitz, published in Multifamily Executive, outlines key strategies for multifamily property owners to enhance their assets and remain competitive:
- Enhance Curb Appeal: First impressions are crucial. Owners should ensure properties are aesthetically pleasing with updated landscaping, clean and modern amenity spaces, and well-maintained common areas. Every touchpoint, from entrance signage to the leasing office, should reflect the desired resident experience.
- Invest in High-Impact Amenities: Amenities that align with current resident demands can significantly boost property appeal. Features like modern fitness centers, resort-style pools, and versatile common areas cater to today’s renters. It’s essential to balance the cost of implementing these amenities with the potential return on investment.
- Upgrade Unit Interiors for Tangible ROI: Interior improvements, such as modern appliances, premium flooring, and smart-home technology, can justify rent increases and elevate a property’s class. These upgrades offer a direct connection between investment and cash return, making them a measurable strategy for enhancing value.
- Use Visuals to Secure Stakeholder Buy-In: To gain support for redevelopment projects, it’s effective to use compelling visuals like before-and-after images, detailed renderings, and case studies. These tools help stakeholders visualize the transformation and understand the potential enhancement in property appeal and value.
By focusing on these strategies, property owners can create inviting spaces that attract residents and deliver consistent returns for stakeholders.
To read the full article, visit Multifamily Executive.
