- Dated unit interior and deferred property maintenance.
- Poor reputation among perspective residents.
- Renovating units while maintaining high occupancy.
- Achieving a significant rent increase to justify necessary renovation scope.
6900 Lofts is a reimagined 111-unit apartment complex in Parma, Ohio. RHM began renovations to the previous Statehouse apartments in2020, which lasted roughly 15 months. In the process, we allocated $1.4 million to improved flooring and energy efficient lighting in common areas, new unit finishes and appliances, modern exterior enhancements and the addition of a lovely fitness and business center. The strategic unit upgrades were completed while maintaining elevated occupancy, and all work was done in-house to ensure a high-quality level of finish. The transformation of 6900 Lofts immediately resulted in a more desirable community and improved the financial performance of the property.