1111 Light Street
The Project
Arguably the first ground-up construction project in Baltimore City’s historical Federal Hill neighborhood in more than a decade, mixed-use project 1111 Light Street brought 93 apartments, 7,000 square feet (sf) of retail, and 24,000 sf of office to market when the project delivered in the summer of 2012.Developer Caves Valley Partners, quickly leased the commercial space to tenants 7 Eleven, M&T Bank, Betamore, Red Owl Analytics, and OSTP, LLC.
The Solution
Due to the success that the developer had with MacKenzie at Towson City Center, a prominent office building in Towson, MacKenzie was asked to step in as the manager in the Spring of 2013. In order to meet HUD’s requirements, MacKenzie formed MacKenzie Multifamily Management, LLC, and brought in Kevin Carney, a veteran apartment manager with HUD experience in order to get HUD approval.During the interim period, MacKenzie co-managed the building with the previous management company while HUD approval was processed.Upon successful completion of the HUD registration process, MacKenzie took on full management of the project and quickly took the residential portion of the building from 55% leased to a stabilized 95% leased.
The complicated bookkeeping of several different lease structures (NNN, Modified Gross, and Residential) required MacKenzie to reorganize the different CAM pools and straighten out a complex book keeping set up. Today, MacKenzie continues to provide full service property management services including record keeping, HUD reporting, on-site personnel, and oversight of all maintenance and repairs at the property. The team has been able to maintain a stabilized occupancy in the entire building since becoming the manager.
Services Provided
- On-Site Property Management
- Accounting and Billing Management
- Record Keeping and Reporting
