Workforce Partners at Work
Elmcrest Terrace was a relatively small asset in the billion-dollar portfolio of its prior owner, so it didn’t receive the attention it needed to operate at its best. Our investment thesis called for a renewed focus on the property’s recurring operations with initiatives to optimize revenue and right-size the costs. In other words, we approached the asset like a classic corporate carve-out.
I was very impressed with your take on “renovating” – major changes to nearly every room, replacing cabinets, counters, appliances, bathroom tiling, and so on. It used to be quite obvious that this building was over 50 years old; no more.