BREAKING: $131 million success in Chicago
Our 11th and final sale of the year closed in Chicago today. We sold Stonebridge Village for $131 million after purchasing the property for $105 million in 2016.
The first five years of ownership were incredibly challenging. We averaged re-rents of -$86 and averaged physical occupancy of 87-percent. But a turning point came in April of 2020 in the form of partner and senior director Michelle Murphy and sales manager Joseph Bangert.
With the right team in place, we increased net operating income by $3.6 million, averaged $226 re-rents and drove physical occupancy to 97-percent. We increased the property’s value by $26 million in six years.
Last year alone, our associates drove more than $94,000 in rent roll growth, more than the first six years of ownership combined.
“I’m so proud of this team,” Michelle said. “When you execute proven systems and develop and sustain a long-term team, you win.”
Michelle credits Joseph for laying the foundation of their renewal process. Since April 2020, every resident has signed a lease for 12 months or longer. Joseph handed the renewal reins over to lead sales associate Tanja Carter, who Michelle dubbed “The Renewal Queen.”
With a building over half a century old, maintenance was no small order. Under the leadership of senior property manager Jenein Sous, the service team delivered at an elite level – starting with lead tech Pancho Lozano.
“Pancho has worked at the property for nearly 40 years, and his passion and drive for the community made him the backbone of our property maintenance,” Michelle said.
Congratulations to the entire Stonebridge team:
- Michelle Murphy, partner and senior director
- Joseph Bangert, sales manager
- Jenein Sous, senior property manager
- Tanja Carter, lead sales
- Montel Morgan, lead sales
- Molly Kordas, senior sales
- Pancho Lozano, lead tech
- Rolando Lopez, lead tech
- Eric Jaime, turn tech
- Artice Frazier, turn tech
- Lupe Gutierrez, turn tech
- Fernando Orozco, turn tech
- Alberto Duran, grounds
- Brad Dykes, partner, regional head
Winners’ Circle cards can be sent to:
- City Walk – Michelle Murphy, Tanja Carter
- Reserve at Canyon Creek – Joseph Bangert
- Wheaton 121 – Jenein Sous
- Bayside Arbors – Montel Morgan