A notable recent case study would include an L-style hundred and twelve unit tower property that we purchased. We purchased that tower with the intent of a five year buy, stabilize and exit strategy. And so, we did that with our investor-partners, and we’re able to successfully exit that well in advance of the five year old.
Delivering double-digit high-teen returns and exiting the property a little bit under three years. What it took to do that was a lot of hard work, and there was no secret in that. It took our entire system, our entire ecosystem of Smartland, to make that project successful.
And it began with first the acquisition process, using our technology to roll up all of our administrative items under our umbrella, under our centralized operation, taking over all of the daily operations, stabilizing the property first and most critically at the heart of the property, taking care of the leaks, taking care of any large, mismanaged or heavy CapEx defers that were existing, such as replacing the front driveway. And then as we work through all those large common areas, in parallel, we began taking over all hundred and twelve units…
And what I mean by that is bringing new life to them, new modernizations, whether it be stainless steel appliances, the new watersense fixtures LVT resilient flooring, uniform pains throughout…
And also including the latest and greatest technology, things like Nest thermostats, USB outlets, Bluetooth speakers in the units, digital locks and many, many other new digital amenities that the residents and the community had never even thought were possible for them and for that area.
Other really, really exciting things that we brought to light at this property and this community in this particular case, where things like EV car charging stations.
So, a lot of times or even right at the acquisition, I remember we would get a lot of feedback from people. It’s like, who’s ever going to use this car charging station? Who’s this going to be for? Why would you have it? And needless to say, any time that I visit the property, I see that we have an EV client.
And so what’s really important to note about that, is that this is what we deliver to underserved, mismanaged communities are things, class A amenities that the area doesn’t have.
These are the things that we’re able to bring through our entrepreneurial spirit and just believing in better high quality resident life that we’re able to bring these new amenities to places that have never seen these amenities. And so that makes us super effective.
And getting back to the deal level, again, we were able to deliver high results to our investor-partners in the high teens, under the five year period. And so, we’re always so excited when we have such a positive exit story. And it’s so enlightening to also see the results that we bring to the residents within the community.