Project
Acquisition, renovation, and remarketing of The Summit garden apartment complex in Louisville, Kentucky.

Location
In southwest Louisville within a 32-acre, heavily wooded, hilltop location offering a sweeping view of downtown Louisville.

Project Scope
A total of 168 one, two, and three-bedroom units are located on this 32-acre site, which also includes surface parking, tennis courts, a swimming pool, laundry facilities, and recreational areas. Kohner's acquisition and renovation budget for The Summit complex was $2.6 million.

Challenges
Formerly known as the Woodland Park apartments, The Summit garden apartment complex had suffered from years of deferred maintenance and inattentive management resulting in leaking roofs and pipes, and a shabby overall appearance. The complex lacked many of the features today's tenants demand, such as modern appliances and individually metered utilities.

Opportunities
Although the complex is located close to a major interstate and the nearby shopping areas along Dixie Highway, former developers had failed to capitalize on its promising residential setting, which features large, mature trees and open spaces, and offers a scenic panorama of downtown. Though shabby in appearance, the complex was built in 1972 and featured modern construction techniques, quality materials, and large, efficient floor plans. Units range in size from 584 square feet for one-bedroom units to 1,025 square feet for three-bedroom units. All units have access to patios or balconies which overlook the lush, park-like community.

Solution
Kohner Properties undertook a comprehensive renovation and interior revitalization program. Exterior renovations included new lighting, roofs, gutters, paint, parking lots and tennis courts. A name change (as part of the remarketing process) and extensive signage and landscaping quickly conveyed the new management's dedication to creating a quality living environment through property enhancements, progressive maintenance and repairs, and improved customer service. Kohner also improved apartment interiors with all new interior finishes, carpeting, appliances, tile work, and in some cases new cabinetry. Aggressive management and marketing techniques were also implemented as part of Kohner's repositioning strategy.

Outcome
By cost effectively addressing all site improvement issues, and with its new, aggressive marketing and management strategies in place, Kohner has quickly improved leasing rates for the complex from around 40 percent to nearly 90 percent, with some interior renovation still to be completed. Kohner has already effectively repositioned the complex as a modern, inviting, well maintained residential complex.

Community Impacts
Kohner's site improvements, proven management and marketing approaches have resulted in a quality apartment complex for this middle-class residential area. Apartment residents seldom enjoy such scenic surroundings since the best views and park like settings are typically dedicated to single residential developments.