HPMA-Haven Property Managers worked closely with ownership to design, build and lease up a 69 unit Class A apartment complex in NE Boulder. Project included complete demo of existing office building and parking lot, then new build from utilities and foundations on up. We then leased it at a velocity of 35 units per month to essentially fill them as we received CO’s on the units. Utilizing a well-planned and executed approach, and with the help of revenue management (and favorable market conditions), we leased the units at levels approximately 15% above our best case proforma. Total project cost of $15M.
Following the historic Boulder floods in the fall of 2013, HPMA-Haven Property Managers oversaw complete reconstruction of 88 units across 3 apartment communities. This work included complete gutting of all affected units: taking the units down to the studs, including removing aluminum wiring and asbestos abatement; reconfiguring some of the layouts, and replacing all boilers, electrical and other mechanical systems and laundry rooms. We maintained 100% occupancy of remaining units during reconstruction and re-leased all units at market rates to fill them as CO’s were issued. We also re-built landscaping, fencing, retaining walls, affected siding, walkways and porches and one of two pools, all of which were destroyed by the floods. Total combined project costs of $4M.
HPMA-Haven Property Managers served as general contractor on the complete remodel of a 1970’s vintage 200-unit apartment complex, including unit reconfiguration, new countertops, new cabinets, new flooring, crown molding, new wiring and paint. Fencing was also completely re-done, and a new office was built. We primarily did the remodel on the turn of units, so there was very little effect on occupancy. This remodel took place from 2009–2012, with a total project cost of $4M.
During 2011-2012, we also handled another complete remodel of a 1970’s vintage 90-unit apartment complex. This included unit reconfiguration, new countertops, new cabinets, new flooring, crown molding, new wiring and new paint. Once again, we primarily did the remodel on the turn of units, so there was very little effect on occupancy. Total project cost of this remodel was $1M.
In 2014, HPMA oversaw the clubhouse remodel for Fox Ridge Apartments in Longmont. This Included complete gutting of the existing office, gym and business center spaces, and rebuilding with completely new finishes and amenities. Total cost of this project was $300k.
In 2015, HPMA assisted and helped oversee room upgrades to the historic Foot of the Mountain Motel. Upgrades included new carpet, beds, linens, towels, shower curtains, TVs, refrigerators, heating, and updates to lighting and electrical as needed. Total project cost was only $100k, and the renovations, combined with Haven’s operations oversight, resulted in an 80% increase in room rates.