Spray paint is covering the walls of our Fort Smith asset, and we've identified the suspects... it was the general partners!
It turns out when you give permission to an artist to paint a mural it becomes "street art" and is no longer referred to as "graffiti"! So why would we intentionally allow this to happen?
Because we truly care about the communities in which we invest.
A little backstory:
This particular asset is located in Fort Smith, Arkansas; a city that is quickly rebranding itself as a world-class destination for urban contemporary street art. The town is home to over 30 murals created by internationally acclaimed artists who descend on this sleepy, industrial city for a week long festival affectionately known as "The Unexpected".
So how do we as multifamily owners generate buzz for our asset in a town who's identity is quickly shifting from "manufacturing hub" to "artist's haven that happens to manufacture things"?
We chose to commission several talented, local artists to paint some incredible murals on the side of our building that spoke to the city's new identity!
Those of you who invested in our Fort Smith portfolio will remember one of the assets, Rockwood Terrace, was an forgettable, aging building that was passed by 37,000+ vehicles (over 10% of the population) every day.
The result? It worked. With over ten percent of the population driving by each day, the murals have transformed the building from a borderline eye-sore to the talk of the town. In fact, the asset (re-branded as The Bluffs @ Central) was recently featured in one of the town's major publications: Entertainment Fort Smith! (article below)
Will this generate positive press for the asset? Yes. Will this increased visibility lead to increased occupancy and revenues? Most likely. In fact, one of the properties just posted the highest monthly gross rental income in it's almost 40 year history.
But let's talk about the people who will gain the most from all this: the residents.
Since purchasing this asset in December, we have renovated exteriors (not just the murals), improved landscaping and amenities, and provided much needed upgrades to unit interiors. Seeing first hand how much the owners care about the community is infectious and the residents can't help but have a little more pride in the place they call home.
Let's not forget our passive Limited Partners in this deal either. Not only are these properties outperforming our initial projections and posting all-time-high incomes, but our passive investors have the pride of knowing their investment went directly toward improving the lives of countless people they will likely never meet. You truly can't put a price on that kind of rate of return.
If you're curious about more details behind the Fort Smith acquisition you can watch the investor webinar HERE.
Multifamily properties are continuing to perform well with healthy rent bumps and high occupancy despite headwinds from Covid and eviction moratoriums. If you want to start seeing live deals as we get them, you just need to schedule a quick call with me HERE.
Entertainment Fort Smith excerpt.