Felson Companies, Inc.

With the school year starting, it’s interesting to see how Apartment Advisor ranks 98 US cities as “Best Cities for College Grads” with Seattle and San Francisco making the Top 10. https://lnkd.in/ecaWenaG

We're hiring! Check out our posting for our Director of Acquisitions position. https://lnkd.in/dTqtZWTP

The 3-year long Alameda County Eviction Moratorium ended 12 months ago, but we are seeing delinquency still running about 30% higher compared to pre-COVID levels. While the situation has improved from the peak of COVID, many residents are still having challenges. This appears to be a similar trend of many of our peers and properties we’ve underwritten in other markets. One can never underestimate the disruption the pandemic had in all parts of our economy. This type of hangover isn’t always visible to the public and will take some patience to stabilize.

Closely collaborating with our #multifamily property management partners is one of the keys to our investment success. Thank you to all of our on-site managers from our #EastBay portfolio from Woodmont Real Estate Services for your continued hard work and dedication!

One of the reasons we really like the Seattle market for multifamily investment is that it ranks 2nd in the country to California markets in the premium home buyers pay in comparison to renting, creating a high demand for apartments. “The rise in mortgage rates over the last year has increased the homeownership premium to the highest level since the 2006 housing bubble and widened the gap between buyers and renters by pushing homeownership further out of reach for many people. Nowhere is the housing affordability crisis more severe than in pricey coastal markets like the Bay Area and Seattle, where a jump in mortgage rates can mean a homebuyer’s monthly payment goes up by thousands of dollars.”

When looking for ways to increase #multifamily revenue, sometimes you have to re-create your box.  Converting oversized two bedroom units into three bedroom units at Nob Hill Tower in #SanFrancisco has helped to increase our rents by an average of 18.01% for this floorplan type. By adding a bedroom in the living room and adding a washer/dryer, more prospects were interested in the floorplans because they now had a work from home space or could add a roommate. Thank you to our partners Prado Group and Greystar.

Felson Brothers Adam Felson & Blake Felson checking out #multifamily properties in #Seattle today!

Earlier this year we revised our #multifamily unit renovation scopes. Here's a renovation completed earlier this month at Crestview Terrace Apts in #Hayward, CA. We are now installing stone counters & backsplashes from MSI, upgraded flooring installed by ProFloors, stainless steel GE appliances, and shaker cabinetry from Kitchens Now Inc. The upgraded finishes have provided the WOW factor to leasing prospects and have rented quickly.