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Sep 23, 2022 Michael DiMella

Our First High-Rise Property Management Assignment

As the first high-rise property we began managing at CHARLESGATE over 6 years ago, I have a real soft spot for BostonView Apartments in Beacon Hill.

With 145 units across 18 stories (plus 3 underground garage levels), BostonView is located in one of Boston’s most premier neighborhoods, overlooking the Massachusetts State House.

We were hired as property manager in 2016, and it became a springboard for our on-going property management expansion. It became a springboard for us and it helped inform much of our management strategy to this day.

We have remained dead-focused on the needs of our client and the resident community to drive positive impact for both — which in turn led to more incredible opportunities for us.

Built in the 1960s and owned by a non-profit organization (a church, who occupies the retail street levels for church services and community events), there were a few moving parts with the ownership structure and building condition when we came onboard. We adapted quickly to serving this board-led property, and it has become a fantastic match for our people-first way of business.

We helped stabilize the asset after a tumultuous period at the property. We’ve worked together with the board to lead a series of value-add improvements over time that have continued to strengthen the property and the community.

Value-Add Improvements in Multifamily Housing

Here’s a look at a few of the improvements we’ve been able to make at BostonView.

  • Renovated an underutilized management office to build a brand new fitness center and resident lounge to modernize the amenity offerings
  • Replaced the roof and roof deck, including adding outdoor entertaining to create a much more functional space and showcase what are possibly Boston’s most incredible roof deck views
  • Utilized our adaptive accelerated leasing model to drive higher rents and lower vacancy (at a lower cost) with our team of professional salespeople, on-demand
  • Created a systematic roadmap and executed efficient unit renovations to modernize the apartments
  • Conducted resident events to strengthen community and neighborhood connections
  • Managed a series of necessary capital improvements, including upgrading heating system in all units and facade

It’s been an incredible partnership and I could not be more proud of our management team on-site who has led the charge at the property.

And it’s been an incredible learning experience that we continue to learn, grow, and adapt from every day.

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Published by Michael DiMella September 23, 2022