Birge & Held invested in Woodbridge Apartments, a 450-unit property. Our approach considers properties in stable markets as untapped sources of revenue. By using our internal construction division’s rapid renovation plans, we rehabilitate properties with tenants in place. And our property management division trains staff specifically for tenant retention, which ensures higher rates of return throughout the process. In less than one year, we renovated Woodbridge Apartments at two different finish levels while maintaining 96% occupancy and delivering on 13.8% annualized cash on cash return — which was 300 basis return points higher than our initial underwriting.