The value add strategy has become one of the most sought after investment strategies in the commercial real estate space. Problem is, many assets have been traded hands so many times over the past decade that the value add strategy has been over utilized, making it difficult to find untapped value add potential.
Our guest on today’s episode is Jim Monk, President of Clozzits, the leading manufacturer and installer of closet systems for the multifamily industry. Clozzits has developed a program to increase rents 3-5% while improving Net Operating Income and asset value without multifamily owners spending much capital. Jim’s goal is to differentiate beyond the normal amenities and tap into new areas of construction development, renovation, and property management. Jim breaks down why closet renovation is a powerful value-add technique for multifamily properties, how different demographics benefit from closet renovations, and the potential return on investment (ROI) you could receive from working with Clozzits. Jim also shares what he’s learned from being a real estate investor, the benefits of Clozzits’ loan program and lease program, and his innovative vision for the future of closet renovation.
In this episode, we cover:
The inspiration behind Clozzits
Scaling Clozzits to the masses
Increasing rents by 3-5% with Clozzit inserts
Capacity limitations with Clozzit inserts
Proof of concept and implementation
Jim addresses each of these intriguing questions and so much more in this information-packed episode! Tune in to hear his expert advice on boosting your revenue and asset value with this untapped amenity!
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