We believe in the power of redemptive real estate to transform lives and communities. One of our residents recently had her first baby. She has been overjoyed with her new daughter, but is realizing, now more than ever, that she has been living in an apartment neglected by prior ownership. The flooring is old and tattered carpet and she is not keen on her daughter crawling around on it!
Her rent is about 40% below market rate, making it challenging for us to financially justify immediate upgrades to her apartment. Despite this, we included her apartment in our capital improvement plan because we want all our residents to have quality housing—taking care of her and her baby aligns with our values. In addition to the financial concerns, the necessary renovations would require her to move out completely. When we proposed relocating her to a newly renovated apartment, she expressed concerns about her fixed income and the higher rent of a new place. Understanding her situation, we took time with our team to consider how best to serve her and her baby.
Our property manager proposed moving her into a partially upgraded, recently vacated downstairs apartment. This solution allows us to keep her rent approximately 33% below market rate. It also provides her with a significantly more comfortable living space—specifically, a safe area for her baby to crawl around.
Once she moves, we'll renovate her old apartment and place it back on the market at the current market rate. This approach not only improves our community overall but also ensures we're caring for our residents in a way that aligns with our mission of enriching communities.
We invite you to learn more about our approach and how we implement these principles in our work. Stay updated on our initiatives by subscribing to our updates or attending our upcoming webinars. Join us on this journey as we strive to redefine success in real estate investment. www.sovsage.com/join
Enriching Communities through Redemptive Real Estate,
Easton Garcia
Sovereign Sage
Director of Redemptive Real Estate and Community Innovation
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