Location: St. James Apartments
Number of Doors: 331
Net Asset Value Increase: $7,944,000
Average monthly rent increase: $40/master closet
Average Return On Investment: 22 months
After 20 years in the multifamily renovations space, we saw a massive opportunity that was being overlooked: THE CLOSET.
The multifamily closet has not changed in the last 50 years. For decades, the closet was a bland, uninspired space that was functional (at best). Thanks to poor, haphazard construction, most closets offered less than 42% of their potential storage capacity.
Over the past two decades, consumer demographics have shifted dramatically. Millennial & baby boomer renters today are not satisfied with a place to live; they want a unique residential experience enhanced by resort-style amenities. They seek a supportive community offering the attention to detail that promotes an exceptional quality of life. They want to know they’ll have enough space for their stuff without renting storage or living in a cluttered, claustrophobic environment.
70% of renters said closet space is the top deciding factor when choosing a new apartment. – Landlordology.com
49% of people would pay an additional $75 per month for a closet with more storage space. – Multifamilyexecutive.com
72% of women said they would “fall in love” with a residence that had more closet storage space. – Trulia.com
“Leveraging the Clozzits services not only improves the NOI and overall assets value. Strategically, this offering assists at the front end of property acquisition.
Clozzits has helped us identify how much upside we have in a property.”
– W Byrd | Black Water Capital
Our team is standing by to answer questions on custom closet systems and fulfill your need for make ready improvements to your property. Contact us any time via email, phone or our exclusive LIVE CHAT option. We are ready to help your business grow.