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Lloyd Jones case studies

Waters Edge at Harbison

Waters Edge at Harbison
Columbia, SC

This 204-unit garden-style apartment community was acquired by Lloyd Jones in 2016. The Columbia multifamily market as a whole suffered a challenging period in 2017, when one of the area’s largest employers, V.C. Summer, suddenly shut down production of its nuclear power facility. More than 5,000 local jobs were lost virtually overnight.

Thanks to Lloyd Jones Multifamily Management’s proven strategies, Waters Edge was able to come back stronger than ever, and has maintained this success in the ensuing years. And, during the challenging summer of 2020, the community held occupancies in the mid 90’s while preleasing up to 99.02%. Forward-thinking approaches in response to the economic uncertainty included flexible deposit options, expanding opportunities for those with low credit scores or inadequate rental history. Additionally, during the pandemic, Waters Edge was one of the first in the market to shift to self-guided tours, giving it a competitive edge during a difficult time.

Ventura Pointe

Ventura Pointe
Pembroke Pines, FL

Lloyd Jones acquired this brand-new premier 206-unit apartment home community in 2019. The property is located in a suburban market in Broward County, near Fort Lauderdale. The garden-style community has one-, two- and three-bedroom apartments, and resort-style amenities. With the acquisition, Lloyd Jones Multifamily Management assumed management of the luxury rental property.

As a brand-new property, there were limited “value add” opportunities. Coming off of lease-up, residents had experienced high levels of concessions. Lloyd Jones Multifamily Management added ancillary income opportunities by adding storage lockers and offering the clubhouse to rent for functions. As a result of revenue management, reduced concessions, and excellent customer service, in its first year, Lloyd Jones Multifamily Management was able to achieve a 3.86% increase in total revenue and 7.85% in net operating income (NOI).

The Granite at Porpoise Bay

The Granite at Porpoise Bay
Daytona Beach, FL

Lloyd Jones led the purchase of this 204-unit apartment complex from a national multifamily REIT in 2012. Despite this Florida property’s excellent centralized location and good physical condition, the property was underperforming. The Granite at Porpoise Bay faced wild swings in turnover due to a fluctuating tenant mix of students and young professionals. Additionally, the common amenities were substandard compared to those of competitors.

Through strategic, targeted marketing, the tenant mix shifted toward the young professional and away from the student. During the first twelve months after takeover, operating expenses were reduced by over 10%, largely due to a more efficient and less frequent turnover process. The amenity upgrade delivered the final piece of the puzzle, and asking rents were pushed upwards. Effective income increased as occupancy trended well above 95%. Unit upgrades and continued efficiencies ensure this asset continues to perform above market standards; occupancy remains stable at 96% – 98%.