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Proven Results for JB Matteson – Protecting Client Assets During COVID-19

Learn how we implemented the right property management solutions to protect JB Matteson’s assets during COVID-19.

01 The Opportunity

Cushman & Wakefield was enlisted by JB Matteson to provide property management, transition, and training & development services and was scheduled to begin amidst the COVID-19 pandemic. Our team helped ensure a smooth transition for the client using our knowledge and expertise of accounting software updates, virtual training sessions and employee onboarding.

JB Matteson’s transition period began, stay-at-home orders forced the immediate closure of office doors and the economy fell into turmoil. To safeguard the health of everyone involved, our team was challenged to adopt new virtual processes for the transition as well as onsite operations and leasing. The portfolio, which is comprised of more than 2,769 apartment homes and five commercial spaces, was highly occupied and there were 68 initial employees who needed to be onboarded and trained immediately.

02 The Solution

Our team worked collaboratively with ownership and mobilized internal support departments on both local and national levels to ensure efficiency in transition directives from day one. Proper planning by our team enabled the Yardi software solution and many of the property websites to go live without delay. By leveraging technology, we were also able to transition onsite teams through virtual training and implement self-guided tours and other operating measures to keep employees, residents, and guests safe. Sister communities were identified to provide support and mentorship across the portfolio.

03 The Results

  • The JB Matteson portfolio averaged an ATR of 5.4% in mid-August 2020 compared to 6.5% at the beginning of the transition.
  • Rent collections remained strong at 97%.
  • Occupancy was 0.7 points higher than the submarket.
  • Stabilized rent was maintained at $2.19 per square foot across the portfolio.
  • Renewal retention was maintained at 50.7%.
  • The portfolio achieved 4.8 points higher than average submarkets for executed rent per square foot on new leases and 1.3 points on renewals.

 

Multifamily Property Management that Drives Value

Our platform offers a full suite of residential property management solutions that help clients achieve maximum return on their property or portfolio. We have the scale, depth of experience, and established operating procedures and best practices to champion each property’s performance and highest potential.

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