When it comes to doing the impossible, it takes the right people, plans and processes. At Tapestry in Chicago, we put these three ingredients together and successfully sold the property for $97 million in July, increasing the property’s value by $15.6 million in five years.
As the team celebrated the sale at our Central Support Office this month, partner and regional head Brad Dykes explained how we were able to drive the property from 77 percent economic occupancy to 96 percent economic occupancy in just 120 days. It started with the right leader and a cultural icon for the Chicago market, partner Michelle Murphy.
“What’s impressive is if you look at the properties that Michelle has successfully re-engineered- Glenmuir, Stonebridge and most recently Tapestry, they are all dramatically different properties,” Brad said. “It takes a unique manager to be able to manage very different properties, and Michelle has done just that.”
Backing up Michelle was manager in training Mike Parker, senior sales associate Molly Kordas and lead sales associate Alexandria Smith. Their relentless drive to execute our systems put the property back on track in short order, allowing us to launch Tapestry for sale.
“Whether it was stabilizing the renewal program, driving traffic, executing the systems around that, driving approved rentals…properties don’t get re-engineered without the right people. This group stabilized and turned the property around,” Brad said.
The Tapestry turnaround wouldn’t have been possible without the right customer service. Rafael Ortiz delivered outstanding turns. And if you read through Tapestry Google reviews, you’ll see just how much our residents appreciated lead tech David Reid.
“Dave was at Tapestry for all five years we owned it and was a staple in the community,” Michelle said. “He walked the hallways and put dog treats under residents’ doors. People respected him. He put the time in to make sure we took care of his residents.”
Thanks to the team’s hard work, we increased other income by $1 million and delivered $767,647 to our non-profit arm, Kids & Community Partners.
Congratulations, team Tapestry!
