We are singing the praises of our people in the Music City. We bought Cross Creek in October of 2020. Since then, our associates have performed at an elite level and closed two refinances at the property. Most recently in December, we added a $41.4 million refinance to the portfolio – which led to $8.9 million in additional loan proceeds.
This doesn’t happen by accident. With the right people and processes, our team has increased the value of the property from $40 million to $57 million. Regional head Kristen Rutledge says property manager Ashley Matos makes the difference.
“Ashley has been the constant leader there,” Kristen said. “She’s got the grit and resiliency to go into a broken property, assess the problems and execute our systems. It’s not an easy task.”
Ashley pushed associates at Cross Creek to hit their revenue target, successfully closing the refinance. The team ended 2021 with more than $45,000 in total rent roll growth and has maintained 97-percent physical occupancy or higher since January 2021.
The Cross Creek team also accomplished the following in the first year:
- Increased other income by $313k, a 107-percent increase.
- Increased NOI (Net Operating Income) $1.2M, a 69-percent increase.
- Increased rent roll $45k in 2021 and exceeded NOI goal by $340k YTD.
“I think the refinance drilled home we can do whatever we set our minds to,” Ashley said. “As a training property where we’ve had different hands in the mix, we know that if we follow the systems, we will set ourselves up to do it again this year.”
Ashley is currently running Waterford Place and training property manager Valerie Ellis, who is learning to execute our systems at a high level.
“Cross Creek has transitioned new team members, but Ashley’s leadership hasn’t wavered. She’s done a fantastic job,” Kristen said.
Our associates were rewarded and recognized for their efforts with a refinance dinner. The celebration left Valerie fired up to accomplish another refinance in 2022.
“It’s humbling to know that I work for a company that puts that much into their people,” Valerie said. “It was great to step out of the office and be with my peers. I thought it was fun to see everyone’s personalities really shine through.”