CASE STUDY

Subject Name: The Reserve at Andover (Formerly Tropicana del Este)

Year Built: 1988

Unit Count: 57

Metropolitan Location: Las Vegas

Neighborhood: Whitney Ranch - East Las Vegas

Facts: Operations: A 57-unit conventional market-rate community is located in the Whitney neighborhood of East Las Vegas. Originally branded as Tropicana del Este and built in 1985, the community offers a unit mix of one- and two-bedroom floor plans. It features a stucco exterior, one outdoor pool, limited interior enhancements, and deferred maintenance.

Objective: The aim is to reposition the demographic, operations, performance, and appeal. This project was led and managed directly by Dustin Nelson, Senior Director of Asset Operations.

Exterior/Amenity CapEx: In 2020, the community was rebranded as "The Reserve at Andover." New monument signage, reserved parking placards, and a refreshed parking lot were installed, complete with crack sealing and resurfacing. Repairs were also made to sidewalks, and ADA-compliant ramps were installed. Exterior landscaping enhancements were carried out, including the installation of new granite rock, plants, shrubs, and trees. In 2022, the pool was re-plastered, the deck was resurfaced, and new pool furniture was added to create a more desirable amenity space. The laundry facilities received a significant facelift featuring cashless laundry machines and modern finishes and ambiance.

Unit Renovation Upgrades: Each renovated home now features designer glass and tile backsplashes, wood-inspired flooring, new faucets, fixtures, LED lighting, new carpeting, resurfaced custom countertops in the kitchen and bathroom, and a new paint scheme on walls throughout the unit. Cabinets were painted in a modern white color, and brushed nickel hardware was added. Upgraded shower rods, towel bars, tissue holders, wood-wrapped mirrors, doorknobs, and outlet plate covers were also installed. GFCI outlets were added in kitchens. In 2022, more dramatic adjustments were made with the introduction of Earth Tone & Platinum Premium renovation styles, which included shaker-style cabinetry and stainless steel or black appliances with flat glass cooktops, horizontal faux-wood blinds, and natural LED lighting in all rooms.

Brand Awareness: The Reserve at Andover brand was established in early 2020 with newly designed signage, monument packages, flags, and direction guides. An online presence was also created through a professional website and ILS services with Apartments.com, Zumper, Google, and Facebook.

Operations: Community operations software was enhanced through the introduction of ResMan, a sophisticated management software solution that tracks financials, operations, account statuses, and more. It also engages residents with text messaging and a Resident Portal, and offers the added benefit of integration options. Screening criteria were also improved through a third-party screening provider, CoreLogic. A more detailed NAA lease agreement was drafted to provide full-spectrum coverage of all rules, billings, policies, and restrictions. The lease transitioned from paper to e-sign and is stored on a cloud service integrated with ResMan, in an effort to eventually go paperless. Valet living was added to maintain community cleanliness and boost ancillary income.

A pre-existing bulk cable contract, not previously reimbursed by tenants, was included as a considered expense in the new lease agreement until April 2022, when the contract was deemed obsolete and ultimately terminated. Restricted-breed animals were not enforced until our acquisition; pet fees and rents were then instituted and charged back to reduce wear and tear expenses and pet station maintenance. A third-party RUBS service, offered through UBWest, was added to boost ancillary income and offset ownership utility expenses for residential and most common area utilities such as water, sewer, trash, and more. Artificial Intelligence and HappyCo were introduced to enhance the resident experience and improve performance processes. Paper lease files were also removed, and QR codes took the place of the physical lease contracts.