Thursday, May 14, 2015

Commercial Property Resources Rejuvenates Albany Apartment Community

As owner and president of Commercial Property Resources, a real estate management firm based in Salem, Oregon, Paul Kerley leads the administration of approximately 1,000 residential units throughout the state. Paul Kerley founded the company in 1983, and has since owned and managed as much as $70 million in residential real estate in Salem, Cottage Grove, Hillsboro, Eugene, and various other Oregon communities.

In 2007, Mr. Kerley and his firm helped to rejuvenate a neighborhood in Albany. He purchased the property, an aging housing complex originally known as Valley Pointe Apartments, in May 2007, immediately changing its name to Albany Meadows. This initiated an extensive renovation project that completely transformed the once-rundown community. Originally built in the 1970s, the complex’s one-story buildings received approximately $1.5 million in renovations, including several improvements aimed at increasing energy efficiency. These upgrades included new insulation, sliding patio doors, and double-pane windows, as well as new roof vents and bathroom ventilation fans. Commercial Property Resources also installed 100 new stoves and refrigerators, as well as updated washing machines and dryers.

Mr. Kerley’s improvements were also directed toward increasing resident safety and quality of life. In addition to adding solar heating to the community pool and building additional community laundry facilities, he hired a full-time security guard and implemented a video security system. The renovation project also included the installation of automatic lights on patios and throughout the parking lot. These improvements led to a noticeable increase in the security of the complex, with Albany police reporting a sharp decline in resident service calls following the renovation.