Barbara Manor

Grove Street Management began managing Barbara Manor in 2010, completing updates with each turnover and renovating 22 of the units with new kitchens. In addition, several of the buildings’ mechanical systems were updated will high-efficiency boilers and hot water heaters. In 2012, GSM partnered with New York State Research and Development Authority to execute an energy reduction plan in four of the buildings, which resulted in a $61 per month savings per building in energy costs. The energy reduction plan included low-flow water devices, air sealing, insulation and high-efficiency boilers.

With a high demand for renters and a well-defined target customer, this turn-key property has been generating positive cash flow for its owners. Its affordable modern amenities and convenient location make it a premier investment in the suburban Rochester market.

INVESTMENT HIGHLIGHTS

• The units are a mix of one-bedroom and two-bedroom apartments ranging in size between 750 and 950 sq ft., all of which have undergone updates or renovations.
• The apartments are clean, maintained and well-managed; features include vinyl and tile flooring, Berber carpet, full-sized appliances, Yorktowne Cabinetry and plenty of natural light.
• All mechanicals are in good condition, well-functioning and routinely maintained. The apartments are heated by high-efficiency gas-fired boilers.
• In 2012, Barbara Manor completed NYSERDA programs to increase the energy efficiency of the buildings and reduce utility costs.
• The tenant base has strong ties to the Rochester community and is made up of a number of working professionals from nearby businesses, leading to a high retention rate of 73% in 2017.
• In the past year, the occupancy rate never dropped below 94% at any given time and averaged above 97%.
• The property is consistently in high demand from renters and is closing out each month with no outstanding accounts receivable. All tenants are paying market rate rent without assistance from third parties and go through a thorough screening process requiring that they meet a minimum income requirement before qualifying.