This was an interesting challenge. This facility is under a freeway on leased land and has 500 units but they’re all one size – 5x10’s! When we took over the occupancy was about 50% and net income was far from covering the debt service.

The story gets worse. Caltrans announces that they want to expand the freeway so we would be required to shut the facility down for up to 12 months. This turned out to be a blessing in disguise because we were able to negotiate a deal with Caltrans whereby Caltrans would send us a monthly check. This made up the difference between actual income and what income would have been at 90% occupancy. The payments would start on the first day of construction and continue for a period of 5 years!

We got our facility back after 12 months and really went to work reviving this site. A new name, new logo and signage, interior lighting, web site, new Yellow Pages, local advertising and promotion and, most importantly, learning how to sell just one size.

All this paid off. We're now at 98% occupancy with revenues more than doubling in the last few years.