Potential to Increase Rents – Rise at Signal Mountain had in-place rents that were approximately $219 less than its direct competitors in the submarket when acquired.

Value-Add Renovations – StoneRiver implemented a value-add approach that encompassed improving unit interiors with new granite countertops, updating lighting/fan kits, kitchen improvements, new cabinetry in certain units, and upgrades to HVAC, water heater and electrical systems; enhancing amenities, including improvements to outdoor spaces, pool deck updates, new dog spa, new package delivery system, the addition of a package delivery system and fitness center enhancements; and updating exteriors, including installation of Masonite siding, replacement of windows and attractive new color scheme.

Operational Improvements – StoneRiver Property Management increased property performance by pushing rents, increasing ancillary income and enhancing community engagement.

Rise at Signal Mountain is a prime example of StoneRiver’s ability to create value through a well-executed value-add business plan. Under the leadership of our in-house construction management team, StoneRiver added value through exterior, interior, and amenity additions to maximize residential experience. StoneRiver Property Management (SRPM) played a pivotal role in these improvements by carefully managing lease expirations and move-ins to allow for an efficient and timely renovation process. SRPM also assembled an onsite team that raised occupancy, increased revenues, managed expenses, and ultimately drove performance. StoneRiver ultimately sold the property 23 months after its acquisition for a purchase price that delivered impressive returns for its investors.