Miami Value-Add Repositioning
Scope control, budget discipline, and investor communication around a repositioning strategy.
A private equity group acquired a 32-unit multifamily asset in Miami with a value-add thesis. They needed execution-side discipline to ensure the renovation sco...
River identified $87,000 in scope items that were either unnecessary for the repositioning thesis or could be substituted at lower cost. FL Pro provided supplem...
The repositioning was completed within the original budget envelope and within 3 weeks of the original schedule. All 32 units were renovated and re-leased at ta...
Situation
A private equity group acquired a 32-unit multifamily asset in Miami with a value-add thesis. They needed execution-side discipline to ensure the renovation scope stayed connected to the business plan. River entered as owner's representative.
Approach
River identified $87,000 in scope items that were either unnecessary for the repositioning thesis or could be substituted at lower cost. FL Pro provided supplemental labor during peak renovation to maintain schedule when the primary GC faced a subcontractor availability issue.
Execution
River identified $87,000 in scope items that were either unnecessary for the repositioning thesis or could be substituted at lower cost. FL Pro provided supplemental labor during peak renovation to maintain schedule when the primary GC faced a subcontractor availability issue.
The work that prevents problems is invisible. The work that fixes problems is expensive. River's goal is always the former.
Outcome
The repositioning was completed within the original budget envelope and within 3 weeks of the original schedule. All 32 units were renovated and re-leased at target rents within 4 months of construction completion.
Full project files available to qualified partners under NDA.