The James Apartments Turnaround
Acquired in November 2021, The James Apartments presented both a value-add opportunity and a community development challenge. Located in the heart of Lakewood near JBLM, the property is attractive for its accessibility, spacious units, and tranquil, tree-lined surroundings—offering residents a rare mix of convenience and comfort.
When acquired, The James faced high post-COVID delinquency (30%+), underperforming occupancy, and dated infrastructure. Resident satisfaction and retention were low, and the property lacked the modern amenities and operational consistency expected in a competitive submarket
What was our Strategy?
Starboard guided and executed ownership and launched an extensive renovation and repositioning program:
Installed in-unit washer/dryers and upgraded electrical,
plumbing, and HVAC systems
Enhanced community appeal with common area upgrades and landscaping
Rebranded through marketing and leasing improvements
Initiated robust resident engagement: community events, proactive communication, and relationship-focused property management
Results
NOI Growth: +16% annualized
Delinquency Reduction: From over 30% to under 3%
Economic Occupancy: Substantially increased
Market Position: Leading revenue and expense efficiency vs. comparable properties managed by regional/national firms
Community Impact: Strong resident satisfaction and retention; former tenants are returning—some after military relocations