Located at 28 S. LaSalle in the heart of Chicago’s Loop, The Millennium on LaSalle is a 218-unit property that recently underwent a successful commercial-to-residential conversion. When Peak Properties took over management just over a year ago, the occupancy rate was only at 55% due to various factors. However, with their expertise and proven track record, they were able to increase occupancy to an impressive 96%.
According to Mike Zucker, managing partner of Peak Properties , their clients appreciate their unbiased evaluation of assets and trust in their ability to effectively support both owners and residents using proven tools.
Under new management at Millennium on LaSalle, operations were improved through cost reduction measures and streamlining the leasing process. As a result, tenant retention increased from 20% to an impressive 70%, rent collections within five days rose from just18%to99%,and rental income saw significant growth by32.5%. This success story has been featured on Connect CRE .
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