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Drucker + Falk Difference

The Walker, a 153-unit mixed-use development located next to Cary’s new regional library and overlooking a planned 7-acre urban park, aimed to set a new standard for urban living in revitalized Downtown Cary by offering the highest rental rates in the area. From the outset, the Drucker + Falk team collaborated with developers on design, unit mix, and amenities to create a "lifestyle" community that emphasized walkability and nearby retail. The marketing strategy focused on building local partnerships, leveraging social media under the theme “Urban Living, Sophisticated Charm,” and implementing pre-CO promotions such as a web-based landing page for lead generation and robust social media engagement. Under DF Management, The Walker achieved stabilized occupancy within a year of its first CO, despite facing construction challenges, and received 5-star Google reviews. During the leasing period, market rents increased by an average of $125 (5.4%) with fewer concessions than projected, making The Walker one of the top-performing developments in the submarket.

Drucker + Falk was engaged to manage a distressed property with 424 units, which had experienced significant operational decline and was placed into receivership. Within 90 days, they implemented a strategic turnaround plan, addressing urgent challenges such as high delinquency rates and low occupancy. Key actions included conducting a resident ledger audit, swift eviction of delinquent tenants, implementing targeted leasing strategies, and restoring financial operations. These efforts resulted in a significant occupancy increase from 75% to 83%, a reduction in delinquency rates to under 1%, and a 13% growth in total revenue within six months. The property has since maintained strong performance, with sustained occupancy, delinquency below 0.5%, and over 34% revenue growth, showcasing Drucker+ Falk's effectiveness in managing complex receiverships and restoring asset value.

The closing of a big box retail anchor in a major shopping center offered Owners the chance to convert the space into 169 urban luxury apartments in the Hampton West submarket, which houses 80% of the city's multifamily product. Drawing from the success of a sister property, which maintained high occupancy and market-leading rents even during economic downturns, the Owners aimed to enhance urban luxury living with unique amenities, including a dog spa. Despite facing challenges such as a three-month delay in obtaining the COO, a lightning strike, flooding, and the impact of the pandemic, the site team successfully achieved stabilization in just 7 months, averaging 21 leases per month with minimal concessions. The property earned a J Turner Power Ranking Elite 1% ORA score for outstanding online resident reviews and continues to maintain the highest rents in the market, with occupancy consistently above 95%.

Union Presbyterian Seminary (UPS) engaged a developer to construct a 301-unit apartment community on a 15-acre site in Richmond, aiming to provide market-rate housing without prioritizing UPS students. The design features a turret-style structure, decorative elements, luxury amenities, and abundant green space, with the goal of stabilizing the property within 18 months for a sale. Despite facing neighborhood opposition, construction delays, and challenges from the pandemic, the project exceeded leasing targets, transitioning to virtual tours that resulted in 34 leases in April 2020 alone. The property was stabilized in just 16 months and sold in 2020 for $84 million, achieving the highest per-door sales price in the history of Central Virginia.

Located in a prime area of Hampton, Virginia, this 1985, 418-unit former Class C property was revitalized by Drucker + Falk to reposition it as a strong B+ community amid a competitive multifamily market. After confronting significant challenges such as deferred maintenance and high turnover, a $7.5 million renovation plan was implemented, which included modernizing units with new interiors and amenities, renovating common areas, and enhancing outdoor spaces. The results were impressive, achieving a 13% increase in annual gross potential rent and raising occupancy from 89% to 94%-96%, while realizing a 38% ROI over three years and averaging five renovations per month.

The upscale 156-unit urban apartment property, located on a revitalized former mall site, faced challenges when planned retail and entertainment venues did not open on schedule amid an economic downturn. To differentiate the property, a strong identity was created around the "Art of Apartment Living" concept, featuring a partnership with a local art gallery and community engagement with existing mall merchants. This approach led to impressive results, with Drucker & Falk leasing the entire community in less than 12 months, four months ahead of schedule. Within the first 100 days, 68% of the apartments were leased without offering rental concessions, and average rents reached $1.44 per square foot, 22% higher than comparable market rates.

The Lafayette, a 1964 high-rise with 168 units overlooking the Elizabeth River, faced significant challenges, including deferred maintenance, a roach infestation, and poor management, resulting in occupancy below 90%. To revitalize the property, a strategic renovation plan was implemented, leveraging the area's 3%-5% annual rent growth and proximity to downtown Norfolk’s amenities. The renovations included aggressive pest remediation, apartment upgrades, and common area improvements designed to create a coastal community feel. Under Drucker + Falk's management, occupancy rose to consistently 96% or above, and rental income increased by 6%, with projected rent hikes of $250 per renovated unit achieved.

Located in Richmond's West End, a competitive market ripe with amenities, this 1989, 190-unit Class B community underwent a $3 million renovation aimed at repositioning it to a B+ status. The renovation plan included upgrades such as new cabinetry, flooring, and enhanced clubhouse facilities, contributing to an impressive average rent increase of 26% $261 per unit, exceeding the initial goal of $145. Occupancy improved by 3% to an average of 94%, while bad debt decreased by 2%. The project was completed six months ahead of schedule, yielding a 57% ROI over three years and maintaining 90% occupancy throughout the renovations.

The Opportunity is a 1985, 418-unit former Class C property located in the Hampton West submarket, which houses 80% of the city's multifamily product. With its close proximity to major retail, dining, and entertainment options, as well as easy access to commuter routes, the property is situated among numerous other apartment communities. However, it faces challenges such as deferred maintenance, high turnover, delinquencies, and outdated leasing practices. Drucker + Falk aims to reposition itself as a strong B+ community, providing an aesthetically appealing yet fiscally prudent living option.