Premier @ City Line
Philadelphia, PA
Jumping Brook
Neptune, NJ
Chalet Gardens
Philadelphia, PA
An Opportunity Under Construction
The Quin
Location: Plainfield, NJ
Holding Period:
14 months
Increased GOI by:
$1.5 Mil (38%)
Details:
212 Units
Total Units
212
Year Built:
New Construction
Before
A two-building Class A property under construction, the Quin held great promise — but construction had stalled due to lack of funds…and poor general management.
Despite its striking aesthetics, the property was experiencing severe lease-up challenges, and hovered at 50% occupancy. Longtime Premier contacts made the firm aware of the off-market opportunity, and Premier set out to do due diligence.
Thorough analysis of the area and market suggested immense potential: with a distinct “affordable luxury” vibe, the desirable location between two major train stations provided strong merit to justify a quick lease-up through a Premier’s laser-focused stabilization plan.
At acquisition, the first of The Quin’s two buildings was completed and occupied at 50%, while the second building was just nearing completion.
Complete Repositioning
Upon acquisition — which required creative, relationship-driven financing — Premier promptly took over The Quin’s management and administration, introducing tight protocol and procedures, along with a much-needed restructure of the parking areas.
The goal was clear: secure a high-quality clientele and reach full occupancy in 9 months. To that end, Premier developed a strategic branding and advertising campaign and extensively promoted the properties (under the previous management, The Quin hadn’t been marketed at all). A dedicated leasing team was also assembled to optimize results and help fill the units faster.
Today
Following a total management and operational overhaul — as well as extensive marketing efforts — the lease-up was rapid: occupancy rose to over 90% in a matter of months. Scrupulous management ensured efficient, cost-effective operations, and consistently enforced rent protocols increased collections to over 99%.
Now 97% occupied, The Quin was sold within 16 months of acquisition at a 68% IRR.
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