R.A.P.I.D. Occupied Renovations

PROBLEM: Executing Renovations

SOLUTION: CRG’s R.A.P.I.D. Program

Scenarios

REPOSITIONING OF AN ASSET

Achieve stabilization and underwritten income goals faster to enable permanent debt to be put in place years before traditional turn methods allow.

INCREASED MARKET COMPETITION

Maximize rent gains faster in high rent growth and high occupancy markets, allowing for maximum rent increases at lease end without associated turnover costs.

AFFORDABLE HOUSING

Meet the requirements of HUD associated financing by performing upgrades with residents in place.

Whether you have a Class A high rise or a C Class garden property, occupied renovations enable owners to realize rent gains faster without the vacancy loss associated with traditional renovations completed on turns.

Case Studies

Lakeshore Apartments

Indianapolis, IN

CRG put into motion an aggressive 12 month R.A.P.I.D. occupied renovation program that would deliver three units daily, totaling 740 renovated apartments in 45 buildings.

CREEK BEND, OAK RUN & WYNDHAM RIDGE APARTMENTS

Columbus, OH

CRG renovated 322 occupied apartments in five months that were spread out over three communities, all within a one mile radius. The R.A.P.I.D. occupied renovation process allowed a crew of 15 men to turn over three units per day without having to displace a single resident.

Scope Parameters & Finish Levels

CRG’S R.A.P.I.D. PROGRAM can fit a variety of scopes. The chart below illustrates the scope parameters used to determine how quickly a unit can be renovated.

Single Day
  • Cabinets/Vanities
  • Granite
  • Selective Flooring
  • Appliances
  • Lighting
  • Fixtures
  • Light Floor Plan Modifications

Two Day
  • Cabinets/Vanities
  • Granite
  • Selective Flooring
  • Appliances
  • Lighting
  • Fixtures
  • Light Floor Plan Modifications
  • Tub Surrounds
  • Selective Painting
  • Washer & Dryer Connection/Installation

Three Day
  • Cabinets/Vanities
  • Granite
  • Flooring
  • Appliances
  • Lighting
  • Fixtures
  • Moderate Floor Plan Modifications
  • Tub Surrounds
  • Selective Painting
  • Washer & Dryer Connection/Installation
  • HVAC EfficiencyUpgrades

CRG offers three different R.A.P.I.D. packages to choose from, or we will work with you to customize your own.

CRG will work with clients to choose the finish level that best fits the project’s needs, leveraging our buying power across a variety of vendors and using our knowledge of sourcing imported products to deliver the maximum ROI.

Level 1

Meets all requirements of affordable housing

Level 2

Commonly used for C → B or B- → B+ upgrades

Level 3

Keeps your Class A property competitive with new construction

Cabinetry

Cabnetry

Countertops

Laminate Granite Quartz

Flooring

Appliances

Lighting

Plumbing/
Fixtures

Are you ready for R.A.P.I.D.? Contact Jeff Eynon.