LBM took over Breckenridge Apartments on November 7, 2022. Prior to this date, the property manager was an arm of the developer. The developer struggled to lease the property, even during the hot leasing season of the summer of 2022. Breckenridge is a Class A new build located in Nampa, ID, comprised of 35 tenant buildings and 160 units. The first units were released for occupancy in January 2022, and the final six buildings were released in September 2022. When LBM took over the property, it was only 70% leased. Within 4 months, we finished the lease up to 95% occupancy. This was done during the winter months, which is the most difficult time of year in the Boise, ID area.
LBM emphasized finding a qualified and experienced manager, which we secured in mid-October. Prior to the takeover, we evaluated the market to ensure pricing was correct, and we contracted advertising through Apartments.com, Zillow, Apartment List, and G5 (Google/social media advertising). As of March 31, 2023, the property was stable at 96.5% occupancy, all while maximizing net operating income through low spending and high revenue collections. This was achieved by putting the right people, pricing, and marketing into place and having the support of LBM and its corporate staff.