ROCKY HILL, Conn.--(BUSINESS WIRE)--Two Coast Living, a residential property management company, is pleased to announce that occupancy at Concierge Apartments in Rocky Hill, Connecticut, reached 94% as of June 1. This milestone is a result of the firm’s implementation of a strategic capital improvement plan, which has helped to beautify the legacy property and enhance the resident experience.
Since taking over management of the 544-unit value-add asset in 2013, Two Coast Living has overseen the investment of approximately $10 million to improve the property, which was built in the 1970s and had suffered from neglect and significant deferred maintenance under the previous owner. Two Coast Living has supervised capital investment of $14,000 per unit on rehab and renovations over the past 10 years. Upgrades to the property have included enhancing its façade, complete renovations of the clubhouse and rental office, replacing all points of entry and installing new intercom systems, landscape beautification, and unit improvements. These renovations, along with the property’s competitive pricing, have driven strong leasing momentum, providing a critically needed attainable housing option for Hartford-area residents at a time when well-priced housing is difficult to come by.
“When we acquired the property, we saw significant opportunity to leverage our expertise to restore the community and improve its performance over time,” said Justin Shand, Director of Asset Management at Two Coast Living. “The Connecticut housing market reflects many of the same problems being faced in regions across the U.S., with a dearth of housing options priced for middle-income residents. Our plan was predicated on making substantive upgrades to enhance the property while ensuring it remained a reasonable option to meet the needs of this vastly underserved renter population.”
Concierge Apartments is one of the largest multifamily communities in Rocky Hill, serving as the town’s top tax contributor. The property features one-, two- and three-bedroom apartments with modern cabinets, noise-reducing concrete between each floor, available brick accent walls and energy-efficient lighting, with some units boasting granite countertops, hardwood floors and stainless steel appliances. Community amenities include a resort-style pool, state-of-the-art fitness center, a heated indoor swimming pool with jacuzzi, illuminated tennis courts, shuffleboard and beach volleyball courts, a clubhouse, a picturesque pond, a billiards room and an arcade.
Two Coast Living
Two Coast Living is a residential property management company that owns and operates stylish, convenient, and modern communities found in urban and semi-urban communities across the United States. Two Coast Living communities represent the ideal combination of comfortable and contemporary luxury with first-class amenities, kitchen appliances, and fixtures, where residents can live, work, and play according to their lifestyle.