Partner and senior service trainer Rob Murray is a seasoned veteran when it comes to positioning properties for sale. Since he started with us in 2005, Rob helped sell 13 properties in our Columbus market. It takes discipline, grit, hard work and the right mindset to get a property sale across the finish line – and many times, the relentless work our service teams do is completed behind the scenes.
After Rob’s most recent property sale in December, he took a look back at properties he’s helped sell in Columbus. He shared his walk down memory lane with the Loop…
1. Arbors of Dublin
Sold: 3/22/2006
Purchase Price: $13.6 million
Sale Price: $17.2 million
Dublin was the first property I sold. Partner Mike McQuiston was my SMT. I remember him coming to the property one day and said, “Everything on this list must be done by this date. Figure it out!”
This property was in our wheelhouse. There were three apartments stripped down to the studs that we completely put back together in-house. To say those repairs were a monumental feat is putting it lightly. We successfully completed the list three days ahead of Mike’s timeline.
2. Sterling Place
Sold: 11/08/2007
Purchase Price: $18.8 million
Sale Price: $25.5 million
I completed my interview at Sterling Place. Imagine this. There were no shingles on the roofs, the patios were falling off the buildings and you had to have a four-wheel-drive truck to drive on the parking lot past the clubhouse. I thought, “What kind of company owns these dumps?”
Pat Rini interviewed me and explained Connor Group operations. I started the following Monday, and I came to find the property was only 50 percent occupied. Sterling Place actually tried to kill me. I was electrocuted while putting up exit signs. I was hospitalized for a week, my heart had to be shocked back into the right rhythm and I dislocated both shoulders.
As a team, we completely turned the property around in four to five months and successfully positioned it for sale at 98 percent economic occupancy. Partner Erica McLoughlin worked her magic and sold Sterling in a matter of just 16-17 months.
3. Island Club
Sold: 12/4/2012
Purchase Price: $20.6 million
Sale Price: $24.5 million
Island Club was a property where we did our original upgrade testing. I tested out different styles and upgrade concepts we currently know as our Connor Group upgrade process. I was the lead tech at this property, and we completed upgrades in approximately 18 months.
4. BentTree
Sold: 4/1/2013
Purchase Price: $14.2 million
Sale Price: $19.8 million
This property we worked on until the very end. Two or three days before we sold, the crawl space flooded. I worked on it overnight and through the next day to fix it before we sold.
5. Lexington Park
Sold: 10/08/2014
Purchase Price: $10.1 million
Sale Price: $16.4 million
Lexington Park was another property we worked on until the very last day to get it sold. To say the turns were challenging is 100 percent accurate.
6. Meridian
Sold: 2/26/2016
Purchase Price: $44.5 million
Sale Price: $77.2 million
I completed countless turns. We completed over 100 turns for about two months straight leading up to the sale of the property. We also started premium upgrades here. It was one of the first properties in the company to test these out.
7. Lakes of Brice
Sold: 2/26/2016
Purchase Price: $12.3 million
Sale Price: $20.7 million
Erica drove this property home as well. She directed the team and me to finish all the turns and white gloves until the final hours before the sale. We were relentless.
8. Arbors of Watermark
Sold: 2/24/2017
Purchase Price: $22.2 million
Sale Price: $54.5 million
I was the lead tech there for four years. The SMT was on leave, so Bob Lloyd stepped in. We had a new manager, so Bob came to me and said, “This is where you need to be by August. Figure it out. Not hitting this occupancy number is not an option.” Then a week or two later, he came back around again and said, “By the way, we have numbers to hit at Lennox and River Oaks.”
At Arbors, the majority of our residents were from Ohio State University. We would complete 100-110 turns in May, June and July with no outsourcing. We worked seven days a week, 10-12 hour days those three months as a team. The result was a huge success. We completed all of our goals and sold Arbors.
9. Quarry
Sold: 4/5/2018
Purchase Price: $66 million
Sale Price: $117 million
We completed countless upgrades. We also tested super-premium upgrades here with hard floors, granite, different cabinets and under cabinet lighting. They were amazing and helped sell the property. We proved the value of a premium upgrade and how much value it drives for the property. Erica also knocked this one out of the park. It was a home run sale for $117 million.
10. Lennox Flats
Sold: 12/18/2019
Purchase Price: $17 million
Sale Price: $30 million
I was the extra turn person almost every summer at Lennox, especially during the last two years. I would come to the property with any other available tech after hours and complete the turns. Eight months out of the year, Phil Cyphers was a one-man show, but this property also catered to Ohio State students, and he needed the backup during the early spring and summer months.
11. Sterling Place (the second time around)
Sold: 10/28/2019
Purchase Price: $32.5 million
Sale Price: $41.5 million
This was the second time we owned Sterling Place. It was a mad rush to complete upgrades right up until the very last day. We upgraded the entire property in 12 months, successfully completing the company’s first 12-month re-engineer.
12. Northwoods
Sold: 10/15/2020
Purchase Price: $16 million
Sale Price: $36 million
I completed multiple Cap-Ex projects for this sale. The one I remember most was installing all brand-new signage on the property. Partner and regional head Sal Gracia and manager Andre McDaniel drove this one home for a phenomenal result.
13. Fairway Lakes
Sold: 12/9/2020
Purchase Price: $22.5 million
Sale Price: $55 million
I was the lead at Fairway Lakes for four years. I completed 55-60 turns there over the last three summers to help achieve the revenue target for our refinances and for the big sale.