Value-Add Apartment Renovations in Occupied Buildings
3F specializes in high-volume value-add renovations of occupied multifamily buildings for institutional owners and other general contractors. We move from apartment to apartment while residents stay in the building, so occupancy and rent roll stay intact while the property is repositioned. With a background in scattered-site single family renovations at scale, 3F has perfected production renovation techniques, and we can renovate 50 units or more a month in a single property.
We help clients hit their target return on investment by evaluating the rent premium of different renovation scopes and building an interior upgrade program that maximizes ROI. 3F’s team is led by real estate developers who understand the value proposition of a renovation, and we use that experience to help owners choose an accretive scope of work.
3F also works directly for other general contractors, such as Cubed Construction and Summit Design Build. In that role, 3F acts as a turnkey unit renovation subcontractor. We can renovate more units a month at a lower price than hiring one sub per trade, and the prime contractor coordinates with one subcontractor instead of many.
How Occupied Renovations Work
Renovating an occupied building is as much about logistics as construction. 3F sequences work apartment by apartment, coordinates closely with property management on access and resident communication, keeps work areas contained and cleaned up daily, and keeps common areas usable throughout the project. Typical unit scopes include new kitchens and bathrooms, LVT plank flooring, lighting, paint and added in-unit laundry, along with lobby, corridor and amenity upgrades.
Since 2009, 3F has renovated thousands of multifamily units, including value-add programs at The Edison, 415 Premier and River City. We use production home-building techniques to keep costs down, starting with direct material procurement. We buy drywall, cabinets, countertops and plumbing fixtures directly from manufacturers in China or locally to eliminate layers of markup, and we use web-based construction management tools such as Procore so owners get clear reporting throughout the project.
Value-Add Renovation FAQs
Can you renovate apartments while tenants live in the building?
Yes. Most of our value-add work happens in occupied buildings. We move from apartment to apartment while residents stay in place, working with property management on scheduling, access and notices.
How many units can 3F renovate per month?
50 units or more a month in a single property, depending on scope and unit availability.
What does a typical unit renovation include?
Scopes are built around the owner’s rent targets. Common items are kitchens, bathrooms, plank flooring, lighting, paint and in-unit laundry, plus common area and amenity updates.
Do you work as a subcontractor to other general contractors?
Yes. 3F provides turnkey unit renovation services to general contractors, so the prime contractor manages one subcontractor instead of one per trade.
Where do you work?
Chicago and the surrounding suburbs, with recent projects in Edgewater, Lincoln Park, the South Loop and Evanston.
