CAMME Entry #28-06 - WordPress.com · BANNER PROPERTY MANAGEMENT - Entry Number 28-06 Community Renovation – Over $1 Million: The Greenway at Carol Stream Clubhouse The original

BANNER PROPERTY MANAGEMENT - Entry Number 28-06

Community Renovation – Over $1 Million: The Greenway at Carol Stream

CAMME Entry #28-06 Community Renovation – Over $1 Million



As the Chicago suburban market has continued to expand with

the decline of the housing market, the need and draw for

renovated apartment communities has increased. It is with

that spirit that Banner Property Management is excited to

nominate the partial Property Renovation at the Greenway at

Carol Stream Apartments for the 2015 Over $1 Million

Renovation CAMME.

The property began this renovation in 2013 and concluded in

2015. The following areas of the community were included in

the renovation:

- All Building Basements

- Property Office

- 91 Units on Site

We are excited to take you through our renovation journey.

Enjoy the community of The Greenway at Carol Stream.



Why A Renovation?

As previously stated, suburban rentals had taken off with the decline of the

housing market. The Property Staff and Banner started seeing communities of

the same age undergoing renovations of their own. As we looked at our

community, it was becoming clear that a change would be well received. The

Greenway at Carol Stream is on LRO and the property was continuing to see

upwards of 3.5% rent growth every year. To make sure we captured this addition

income, we needed newer product.

The Greenway at Carol Stream was originally built in 1975 and underwent its most

recent renovation in 2003/2004. The products and styles of that time have

become less desirable and outdated. Regional, Corporate, and site team

members began brainstorming what changes needed to be made and what types

of renovations were outperforming the market. We came up with the following

areas we could improve upon:

- Offered Onsite Amenities

o Fitness Center

o Business Center

o Café/Clubroom

o Showers for Pool and Fitness Center

- Updates to Laundry Facilities for non-washer dryer units

- Style Upgrades in Apartments

o Faux Granite

o Stainless Appliances

o Wood Style Flooring

o Updated Vanities and Cabinetry

o Carpet Replacements



Basements

Approximately 63% of the 325 units at the Greenway do not have their

own personal washer and dryers in unit. These residents must go into

the basement of the building to run a load of laundry. While tenants

are fine with doing this, they were not overly pleased with the

condition of the basements. They were unfinished, dark, musty from

water build up and large open spaces that were being shared with

resident storage lockers.

The Basement renovation started by moving the washers and dryers to

the one end of the basement. From there, the room was split into two

sections. The side with the washers and dryers was finished with the

following updates:

- New paint on the walls, floor, and stairs

- New, brighter lighting fixtures

- Plumbing was reconfigured and a handwash sink was installed

- Drywall was installed to split the room and painted

- Folding tables were added

The other side of the basement is still unfinished with the resident

storage lockers but now resident can do their laundry comfortably. See

pictures below of the transformation.



BEFORE

Storage Lockers made it difficult to

see what was happening around you

when doing your laundry

Lighting and floor was dark and cold.

Not a comfortable place to spend

time when clothing washed or dryed

Coming down the stairs you see beat

up walls, puddling sections of water

and worn floors



AFTER

Bright and open, the new area to do

laundry has a very clean inviting look

to it.

Floor was finished to wear well and

compliment the colors of the

basement

Wash sinks installed for those who

need to quickly handwash garments.



Clubhouse

The original space that is now the clubhouse was the property office.

The office contained a small leasing space when you entered with 2

desks, 2 onsite models and limited space for events or storage of

packages. Many of the competitors in the area had fully equipped

clubhouses with fitness centers, resident space and still an open office

environment for the leasing agents.

The Clubhouse renovation required the team to move into a vacant

apartment for the time being while work was being completed. The

space was converted to include:

- Fitness center with multiple cardio machines and mounted TVs

- A complimentary business center with computers and a printer

- Resident café with tables, a kitchen, and a lounge space

- New bathrooms with shower for the residents to use

- A large open leasing space and 2 smaller private offices for the

Property Manager and the Maintenance supervisor

- New windows and a new awning installed

This transformation is one of the most used and appreciated by the

residents and the staff alike.



BEFORE

Cramped front office made working

side by side a challenge

Outdated kitchen example displayed

in the office

Corners, tight spaces and partitions

made the clubhouse difficult to use

and also difficult to view the size of

the apartments.



AFTER

Resident Café and Lounge offer space

for tenants to get out of the

apartment and work or socialize

Finally a fitness center for this

community. Open 24 hours

Partitioned offices are blown open to

allow for this wide open leasing

space.



Unit Renovation

The new renovated units at the Greenway at Carol Stream went

through a complete transformation. Very little remains in the unit after

the turn is completed. The following is addressed per turn:

- Full Unit Repaint with Crown Molding added

- Carpet replace and minimized to make way for the wood style

flooring

- All new appliances added

- New countertop and vanities and sinks added

- New Blinds

- New Electrical Fixtures

- New Hardware added

- New Cabinetry in Kitchen

While the other upgrades help play a role in securing new clientele,

these unit renovations are what attract the most renters. See the

before and after below.



BEFORE

Dated cabinets and lighting

Carpeting extend throughout most of

the apartment

Light vanity and flooring don’t

compliment each other well.



AFTER

Espresso cabinetry with the stainless

appliances, set off this modern

looking kitchen

Where there was once carpet, there is

now wood style flooring

Flooring and vanity work well with

each other to warm up the batroom



Budget Vs Actual Renovation Comparison

Cost of Basements $309,224

Budget for Basements $270,000 (over budget)

Cost for Clubhouse $171,542

Budget for Clubhouse $180,000 (under budget

Cost for 1 BR Unit $8850.86 per unit (qty 66)

Cost for 2 BR Unit $9159.72 per unit (qty 25)

Total Cost of Unit $813,149.76

Budget for Units N/A – We kept projecting the cost

Total Cost of Renovation $1,293,915.76

New Unit Costs $75 additional

ROI 9.4 years for unit costs

Accomplishments

While leasing these units initially was slower than expected, we were

able to work out our mistakes early on. Banner fully intends to pick up

where we left off with the unit turns to complete the remainder of the

property in the same fashion. The pricing for these units was right on

par. We may be able to get more for them than we originally planned.

We were also able to provide new resident as well as long term

residents with a level of style they didn’t expect to find at this

community. We marketed to all of our competitors with a professional

mailer as we as a complete audit of our digital footprint to focus heavily

on these new units. Check out our website at

www.GreenwayatCarolStream.com and our blog for great updates to

the progress at www.BannerUpdates.com.



Testimonials

Thank you for taking the time to visit our property and

meet with our team!

Documents

CAMME Entry #28-06 - WordPress.com · BANNER PROPERTY MANAGEMENT - Entry Number 28-06 Community Renovation – Over $1 Million: The Greenway at Carol Stream Clubhouse The original