VW PROPERTY MANAGEMENT SERVICES
OUR COMPANY'S PROMISE TO YOU:
We will manage your property like we own it
OUR GOAL FOR YOUR PROPERTY:
Achieve and maintain Peak NOI
To understand why we are in the business of third party property management, you have to hear the story of why we started managing property in the first place.
Almost 20 years ago, we bought our first multifamily community and hired a third party property manager. After a few years of average operations and average cash flow growth, we wanted more from the asset.
VW CASE STUDY 1:
Our property’s tenant base consisted entirely of subsidized Section 8 tenants and the third party manager told us the property would never be able to achieve greater things. However, like most real estate investors and owners, our main objective is always achieving what we call Peak NOI and thus increasing the value of our real estate. We knew we had a quality asset in a quality submarket, and we believed we could get to Peak NOI and raise the real estate value of the asset by converting it to a townhome community with conventional tenants paying higher market based rents. The third party recommendation to remain Section 8 was an average approach. We were not about to settle for average property management.
Today, our property management platform has grown and we continue to invest in our business through talented people and technology. As for that apartment community that led us into the property management business? We still own it, and today it is a 100% conventional market rate property. We increased the real estate value to 3.6 times the purchase price. The cash returns and appreciation have resulted in a gross equity multiple of 12.8 times the original investment and the property’s distributed cash on cash returns have averaged 34% on an annual basis.
At VW Multifamily, we manage your apartment asset like we own it.
VW CASE STUDY 2:
As he worked to close on his first apartment acquisition, the property owner was originally required by his lender to use a Top 50 Property Management company instead of VW Multifamily. After a year of being just another client of a large national property management firm and having his valuable real estate asset overseen by a regional manager, the property owner decided to hire VW Multifamily in January 2015.
VW pushed rents, added a water recoupment fee and tightened expenses. VW increased NOI by 10.2% in the first 19 months of operations, increasing the owner’s equity by $1.3MM. To achieve this, VW has held Expenses to less than a 1% increase and has increased Revenues by 5.9%.
VW also made the simple move of changing the due date for the monthly mortgage payment from the first of the month to the sixth which lowered the cash reserve needs and freed up cash for a one time extra owner distribution that increased that Year’s distribution by an additional 10%.
At VW Multiifamily, we manage your apartment asset like we own it.
COMPREHENSIVE PROPERTY MANAGEMENT SERVICES:
MARKETING AND LEASE UP