Green Street Realty took over the management of the Atrium Apartments in February of 2009. At the time, the 240 bed complex was 45% occupied and with very few leases signed for the upcoming school year. By the start of the academic year in August, we had occupancy to 100%. We have maintained near 100% levels in 2010, 2011 and the 2012 school year. The increase in rental income helped the property appraise for $2.5 million more than purchase price in 2011.
Green Street Realty began managing this 140 unit apartment complex in October of 2009. This distressed property was a bank foreclosure and had experienced years of poor management. Property is undergoing a major transformation with over a $1 million spent on capital improvement through the end of 2011. The final phase of construction began in 2012, with just 35 units remaining. We are currently 100% occupied on the 105 units that are complete and expect to be above 90% occupied by the end of 2012.
Green Street Realty had been managing the property for the bank during the foreclosure process until it was purchased in April of 2010. The property included 5 apartment buildings, four on Church Street in Champaign near downtown and one on Victory Park in Urbana. All units were empty and the buildings were all condemned at the time of purchase. Within twelve months, and an investment of $700,000, the project was complete and fully leased with a desirable tenant base by August of 2011.
Green Street Realty took over the management in November of 2008. The property was bank owned at the time before purchase and running 50% occupied with deferred maintenance on the remaining empty units. We immediately stabilized the project, completed needed construction and had the property 100% occupied by March of 2009. The project has maintainted nearly 100% occupancy through 2012.
Green Street Realty took over Wellington Place Apartments in September of 2009. The 175 unit complex near Parkland College was 68% occupied and getting very little showing activity and six buildings that were either not finished or partially finished. We immediately opened the onsite office, ramped up marketing efforts and within months started seeing dramatic increases in occupancy and interest in the location. By 2011, Wellington Place was fully leased and the final two buildings were completed and leased. The turnaround allowed the owners to lock in on long term (35 years fixed) HUD backed financing.
Green Street Realty took over the management of Carisbrooke Apartments in September of 2009. The 320 unit complex was just a few years old, but suffering from poor management. At the time of takeover, the complex was running 67% occupied (215/320 units). Within 12 months we were able to get the property to 100% occupancy and increase the monthly rent roll by $85,000. We maintained occupany of nearly 100% through 2011 before we turned the property back over to the owners to manage.
Located on the U of I Golf Course, this luxury building was only 40% leased when purchased in the spring of 2007. Within months, we were able to bring the occupancy to 100% and increase rents on the occupied units by 20%. The property maintained near 100% occupancy and was sold in the spring of 2011.
Green Street Realty took over the management of Tennyson Courtyard in September of 2010. The 96 unit complex was owner managed and suffering from high vacancy rate and numerous units that were unfinished and in the construction process. When we took over in September of 2010, the complex was at 58% occupied. We immediately changed the onsite staff, ramped up the marketing efforts and were 85% leased by January of 2011. We reached 98% occupied in the summer of 2011 and increased the monthly rent roll by $25,000 per month. The property is currently stablized and the owner was able to refinance his loan to a favorable rate with the inceased occupancy.
Green Street Realty took over the management of 56 & 58 E Healey on the University of Illinois campus in January of 2011. The 60 unit property was 70% occupied and filled with a challenging tenant base. The rents were well below the market level for campus 1 bedroom apartments. We only renewed a handful of leases and began heavily marketing to students looking for Fall leases. By August 1st, 2011 we were 100% occupied for the school year, with every lease on 12 month leases and 95% U of I students. We were able to increase rents by an average of $100 per unit and fill all 48 parking spaces, which helped the property appraised for $750,000 more than purchase price. We filled all apartments for the 2012 academic year by August 10th.