French Quarters Apartments were under renovation, and occupancy was low. The prior owner had invested substantial capital into improvements to turn this around, and it showed. At the time of sale, some renovations were in progress, and many vacant units needed were yet to be leased. Since then, occupancy is up, most units are fully renovated, a new management team is in, and this major transformation is well under way. Tulsa continues to grow as a desirable market for diverse industries, including manufacturing, healthcare, and aviation.

Learnings:

• Plan for tenants to leave when there is new management and new accountability.
• Tenants value security, even in safe areas. Investments in lighting, cameras, locks and security services attract and keep good tenants.
• Tenants value community. Hold events, celebrate with them, and show them some love.