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How Freeman Webb accelerated their lease-up using Cosign
13%
Increase in occupancy in a 6 month period
$6.7m
Increase in asset value via improved occupancy
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“Qualifying applicants was our biggest leasing challenge. Cosign provided a rent guarantee for applicants just short of our criteria, helping us stabilize 2 months early and dramatically increase annual NOI.”
Traci Hall
Regional Manager, Freeman Webb
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Challenge
Lease-up with finite interest reserve
The Dutton Luxury Apartments was being converted from student housing to conventional multifamily. When the student housing leases rolled off at the end of the school year, only 30% of units remained occupied.
The balance were renovated and re-leased on conventional leases. The property was financed with a construction loan that required specific leasing milestones to unlock reductions in interest reserves held in escrow.
Results
Cosign unlocked $6.7m in asset value
Cosign drove 61% applicant conversion, $573K in annual revenue, and unlocked $6.7M in asset value at The Dutton.
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Conclusion
Cosign increased NOI, unlocked loan proceeds held in reserve, and ultimately boosted returns for the landlord and their investors.
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Tenant Screening
What to look for when screening rental applicants: A modern guide for property managers
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Revenue Optimization & NOI
