10100-16 Old Orchard Ct.
Skokie, IL 60076

September 24th, 2013 by Rockwell Partners


Old Orchard Ct in Skokie, IL

Address:

10100-16 Old Orchard Ct.
Skokie, IL 60076

Location:

Northern Suburbs

Asset Class:

Multi-Family

Size:

216 Units, 144 Apartments
72 Additional Condominium Units

Description:

Old Orchard Apartments consists of three 3-story, red brick walk-up buildings and 184 parking spaces. Each building consists of 48 units. The community in its entirety includes five residential buildings; however, two of the buildings have been separated into condominiums and sold on an individual basis.

Old Orchard Apartments is the controlling member of a master association. The master association shares the common areas, swimming pool, landscaping, snow removal and other miscellaneous common expenses.

The Rockwell Effect:

Rockwell Partners took over management of the complex in December of 2011, and began a dramatic turnaround that substantially improved the lives of the community’s residents and the owners’ investment. The turnaround included:

Physical Improvement: Rockwell assisted the ownership in cost-effective decisions to improve the physical buildings, including annual rehab of 60+ units, update of the smoke and CO2 systems to comply with City code, and the creation of a more cooperative alliance between the individual condominium owners and the apartment ownership.

Leasing & Management Improvement: Rockwell took over the complex at 100% occupancy. With the rehab of the units, we were able to maintain those occupancy levels within 30 days of the rehab turnover. We have also increased rents by more than 20% on all of the rehabbed units.

Metrics:

Date Occupancy
12/01/2011 100%
5/01/2012 96%
12/01/2012 100%
4/01/2013 98%
  • Posted in Case Studies
  • Comments Off on 10100-16 Old Orchard Ct.
    Skokie, IL 60076