The Coral Company

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W.T. Grant Lofts Case Study

CHALLENGE: When the 73-unit loft apartment building at 248 Euclid avenue in downtown Cleveland was acquired by an out of state investment firm in 2009, the asset suffered from low resident retention rates, market trailing rents, deferred maintenance, and dated finishes and décor in the suites. W.T. Grant was a well located and underperforming multi-family property. Coral was retained by the new owner to address these problems and push the property to a market leading position.

SOLUTION:
Coral initiated monthly market surveys of all competitive properties to establish and monitor high, but achievable goals for W.T. Grant Lofts. Working closely with the owner’s out-of-town asset management team, Coral established goals for suite by suite upgrades, common area refurbishment, parking area improvements, and significant rent increases. Through meticulous planning, Coral was able to complete in-suite improvements without moving any residents or losing a single day of rent. As improvements to amenities, common areas, and underground parking were completed, retention rates doubled and W.T. Grand experienced significant rent growth to become a market leading residence in the East Fourth Street neighborhood of downtown Cleveland.