Timber View Apartments
Timber View Apartments was acquired by Cherette Group at the end of 2014. At the time of purchase, the property was underperforming, with occupancy at 89%, below-market rental rates, limited marketing visibility, and a declining reputation within the market.
Immediately following the acquisition, Cherette Group implemented a comprehensive repositioning strategy focused on operations, product presentation, and market visibility. Professional management systems were introduced, including new property management software, along with a complete overhaul of marketing efforts, including the launch of a new website. A model unit was established, the clubhouse was renovated, and approximately 30 vacant units were prepared for lease.
89%
Occupancy at Acquisition
99%
Occupancy Within 5 Months
84%
Resident Retention
6.1% – 20.7%
Rent Increases
The Outcome
These improvements were executed rapidly, with measurable results achieved within weeks. Rental rates were increased to align with market conditions while occupancy continued to climb. Despite significant renewal increases, resident retention averaged 84%, substantially outperforming the typical industry average of 50%–55%.
The turnaround occurred during Michigan’s slowest leasing season. At the same time, management addressed delinquency issues inherited from the previous owner, including the strategic removal of non-performing tenants.
Despite these challenges, occupancy increased from 89% at acquisition to 99% within approximately five months, creating strong demand and waiting lists for select unit types.
The property’s rapid improvement and strong operational performance led to its sale to an established multifamily ownership group. The transaction and management transition were completed in May 2015, just six months after Cherette Group acquired the property.
During Cherette Group’s ownership, base rental rates increased between 6.1% and 20.7%, depending on unit type, with additional revenue generated through premiums for garages, pets, and upgraded units.
