SHB 2020
Best Renovation of Existing Project CANVAS ALLENDALE
CO M PA N I E S
Canvas Allendale is a 904 bed community located in Allendale, MI. The community was built in 2006. The community offers 1-, 2-, 3-, and 4-bedroom apartments. Amenities include a large fitness center, study rooms, a basketball court, game room, and many others. The value-add plan called for $1.4 million in capital improvements to unit interiors, amenity areas, and deferred maintenance.
THE COMMUNITY
Owner: Harrison Street Residential Construction Manager: Highside Construction Contractors: Willink Construction, ANJ Kitchens, Interspace Living Architect: 2WR of Colorado Interior Designer: 2WR of Colorado
THE TEAM
THE BUDGET | HOW WE SPENT THE MONEY | TIMELINE
The Budget: $1.43 million Actual Spend: $1.19 million The project completed on time and 20% under budget!
THE BUDGET
HOW WE SPENT THE MONEY
SOFT COSTS 11%
UNIT RENOVATION 36% DEFERRED MAINTENANCE 30%
AMENITIES 24%
TIMELINE
DESIGN
DEC 2018
JAN 2019
FEB 2019
AMENITIES
MAR 2019
APRIL 2019
MAY 2019
JUNE 2019
UNIT RENOVATIONS/ DEFERRED MAINTENANCE
JULY 2019
AUG 2019
SEPT 2019
OCT 2019
NOV 201
A total of $14,195 was spent on a per unit basis during the renovations. With these funds each unit received quartz countertops (both kitchen and bathroom), stainless steel appliances, refaced cabinets with new hardware, new LVT flooring, new furniture, new TV, new designer paint scheme, new faucets, and new lighting throughout.
- Kitchen Quartz Countertops - Refaced Cabinets - New Stainless Steel Appliances - New LVT flooring - New Modern Furniture Package - New TVs - New MattresseS - Upgraded LED Light Fixtures - New Designer Paint Scheme
IN-UNIT R E N OVAT I O N
BEFORE
BEFORE
BEFORE
BEFORE
BEFORE
BEFORE
NEW TV
NEW SINK
NEW QUARTZ COUNTERTOPS
NEW REFACED CABINETS
TAKE A VIRTUAL TOUR
TAKE A VIDEO TOUR
In addition to unit renovations, we also completed a major remodel of the clubhouse. The renovations helped transform a space that was never used into something both beautiful and functional. The new space includes refinished bamboo flooring, new carpet, fresh paint, LED light fixtures, and all new furniture. Brand new study pods were built into the clubhouse giving students both private and communal study areas. The re-energized clubhouse also added a new computer lab, tanning booth rooms, kitchenette, soft seating lounge area, and pool table. We topped off the renovations with beautiful new leasing areas and offices for a better sales experience.
- New Study Pods - New Clubhouse Kitchenette - New Tanning Bed Areas - New Computer Lab - Refinished Bamboo Flooring - New Carpet - New LED Light Fixtures - All New Furniture and Fixtures
AMENIT Y R E N O VA T I O N S
BEFORE
10.1% RENTAL RATES Rental rates are up 10.1% year over year.
PRE-LEASING
63.8%
52.7% 49.7% 34%
CANVAS 1/31/2019
CANVAS 1/31/2020
THE COMPS 1/31/2019
THE COMPS 1/31/2020
11% PROSPECT PERCEPTION 11% increase in prospect perception of units as evidenced by J Turnerʼs Property Index score.
CONCESSION REDUCTION On pace to reduce concessions by 89.5% from 2019 to 2020.
89.5%
173.3%
NOI On pace to increase NOI by 173.3% in 2020.
ABOUT US
MANAGEMENT Cardinal Group Management (“CGM”) is a full service real estate management firm. CGM has a specialized platform that allows them to handle all facets of real estate management throughout the United States. CGM leverages their culture, unique company structure, accountability, focus on top-line revenue and high regard of technology to deliver superior results and reporting to its clients.
PORTFOLIO Cardinal Group Management oversees a portfolio of 30,000+ beds around the country. In addition, Cardinal Group advises on a $3 billion mixed-use urban redevelopment in Denver, CO.
ABOUT US
Highside Construction handles design and construction management across the nation. The team is comprised of professionals with experience totaling more than 250 projects and $10 billion in construction and real estate-related due diligence. Highside also takes a uniquely integrated approach by working in close coordination with the acquisitions and operations teams to ensure a seamless transition from the business plan, to construction, to stabilization. Aside from the daily management and oversight of the design, construction and project consultants, Highside is involved in the upfront due diligence and underwriting process, as well as long-term capital planning and budgeting.
C O N TAC T U S
FOR MORE INFORMATION, CONTACT:
RYAN SUNDLING, Marketing Manager Cardinal Group Management Ryan.Sundling@CardinalGroup.com