At Pasadena Gateway, a 140-unit apartment complex in Pasadena, CA, KWP’s objectives are to increase rental income, oversee property upgrades and enhancements to drive value and reposition the property within the Pasadena market.
Our results: KWP increased occupancy by 32% between January 2021 and May 2023 and maintained above 95% for 18+ months; maximized rental increases by 10% in accordance with California State of Emergency penal code 396(c) and Declaration of National Emergency; accomplished model apartment renovation with upgrades and finishes to compete with higher rated building comps with renovated units to increase revenue by a minimum of $9,600 annually per unit; collaborated with project management, contractors, and asset management to accomplish community space renovations to increase revenue by a minimum of $42,000 annually; relocated and enhanced fitness center with top-of-the line equipment to better serve the needs and requests of residents; submitted a total of $81,600 to collections after successfully receiving units surrendered by residents with high past due balances within past 12 months.
