The Millennium on LaSalle at 28 S. LaSalle St. in Chicago is a 218-unit property that underwent a commercial-to-residential conversion in the city’s Loop. When Peak Properties LLC took over barely a year ago, occupancy was around 55% for a myriad of reasons. Today, the property’s occupancy has reached 96%.
As specialists in property management and workout strategies, Peak Properties leverages its 25+ years of experience and each assignment begins with a thorough property evaluation to identify challenges and opportunities.
“Once engaged, our client appreciates our objective review of their asset. With our proven tools and track record, we can effectively support both owners and residents,” says Mike Zucker, managing partner of Peak Properties, LLC.
At Millennium on LaSalle, a ‘cleaning of the house,’ improved operations, reduced costs, and a streamlined leasing process resulted in tenant retention increasing from 20% to 70% and rent collections by day five increased from 18% to 99%, with rental income up by 32.5%
