We tend to specialize in doing the impossible. If you’re looking for a recent example, look no further than City Walk at Woodbury in Minneapolis.
In April of 2020, our associates at City Walk were given a goal to close a $13.5 million supplemental loan. That goal seemed highly unlikely, potentially impossible nine months ago as the property sat at 79 percent economic occupancy.
Despite the odds, or perhaps because of them, partner and region head Brad Dykes pushed the City Walk team to make a dramatic turnaround. Our associates were relentless in executing our systems around sales and service.
“It was a radical improvement on both fronts,” Brad said. “It was a full team effort for traffic building, getting our turns to standard and getting our work orders to standard.”
From May through September, City Walk averaged 37 move-ins per month. The team ended October at 97 percent occupied, 95 percent economic. They also surpassed their revenue target of $841K by $13K.
Brad credits the City Walk team plus regional trainer Courtney Dies, partners and regional service trainers Rob Murray and Mike Sumner for making that turnaround possible.
“Rob Murray and Mike Sumner were relentless in putting the effort to getting our service team trained and fully functional,” Brad said. “Both have spent countless hours in Minneapolis getting our new team of service techs trained.”
Courtney helped train associates, allowing partner and manager Amanda Barnes to focus on the property.
The City Walk team includes:
Candice Harkrader – operations manager
Carmen Quezada – sales associate
Ben Thao – lead tech
Tim Leazer – turn tech
David Thao – turn tech
Carl Struwve – grounds
Ashlyn Watkins – sales
What’s next for City Walk?
Brad believes the City Walk team can position the property for another supplemental loan around August or September of 2021 for between $10-15M.
The team celebrated their supplemental loan with dinner at Manny’s in Minneapolis. Congratulations, Team City Walk!