With 448 units, The Clayson was the largest asset Origin owned, as of October 2021. The investment required $9 million worth of capital improvements to deliver a best-in-class resident experience, as the building was constructed in 1977 and much maintenance had been deferred. The first phase of the project required an overhaul of all amenities, landscaping, common areas, and infrastructure, followed by 219-unit renovations at an average return on cost of nearly 20%.
However, we are most proud of the improvements we made to the resident experience. At the time of acquisition, The Clayson had an average star rating of 2.7 on 193 reviews. Since shifting the focus to the resident experience in 2019, the property has generated 299 reviews with an average of 4.2 stars. This drastic increase in reputation coincided with an increased revenue per available square foot by 15.9%, revenue per occupied square foot by 9.1%, and an average 61% expiring lease retention. We increased overall occupancy from 88.9% to 95.7% at the time of sale, illustrating that satisfied residents are paramount to successful returns on multifamily investments.