Mariposa Townhomes Contact Information
Matt Stranahan, On-Site Manager | 541.951.1632 | firstname.lastname@example.org
2981 – 3003 State St., Medford, OR 97504
Monday, November 27th, 2017 the residents of the Mariposa Townhomes located in East Medford, will be notified that their rents will increase March 1st, 2018. This increase will create, understandably, concerned residents. Below is the factual information how CPM Real Estate Services, acting as the property management company for the owner, will handle the information and support residents through this transition. It is our intention to do everything possible to assist residents, especially those that need to relocate.
In mid-September I purchased the Mariposa Townhomes located on State St. in East Medford as an investment property. The property and the 101 rental units needed many upgrades. To accomplish the work load I contracted with CPM Real Estate Services to act as my property management firm to handle the property management and the upgrades.
Initially, we created a needs-assessment of the property grounds and units themselves. Many town-homes had been neglected for years. Our first concern were basic services such as; heaters, air conditioners, window blinds, and doors. We also needed to upgrade; washers and dryers, power wash the parking lot, trim trees, and are currently installing a safety surveillance system, at the request of residents. Together, along with CPM, we interviewed and hired a dedicated on-site manager to assist with the improvements and to be there to support the residents during this transition process.
The business side of purchasing a neglected property like Mariposa Townhomes is to bring the property back to a healthy standard and increase the value resulting in a positive return on investment, it’s also important to take care of deferred maintenance issues to keep adjoining commercial properties values in place.
Mariposa Townhomes rents were hundreds of dollars below local market value at the time of purchase. Although not what most want to hear, the reality of purchasing a property in this market is that costs continue to rise in all areas. At the price I purchased the property, it is necessary for me to get the rent closer to where the market is.
For current tenants the benefits of staying include:
- $50 per month less than what a new incoming resident will pay ($600 savings per year)
- No charge for their pets
- A new resident is charged anywhere from $35 per month for cats or $50 per month for dogs
- $420 per year/per cat savings (multiple units have multiple cats)
- $600 per year per dog savings – (many properties have multiple dogs)
- They will benefit from a total of 5 months without a rent increase from the time I purchased to the time the rent increases take place on March 1st, 2018
- Continuous upgrades to the property and individual units
If a current resident chooses to leave we have set up processes to help:
- The onsite manager will work with the resident on a case-by-case basis to help them find new housing.
- If they relocate to another CPM property, then application fees will be waived.
- CPM will return your deposit within 48 hours of vacating the apartments, instead of what normally would be up to two-weeks. (Charges for damages will still apply.)
I am confident in the team at CPM Real Estate Services to protect my investment. I have every intention of creating a safe, comfortable, and quality environment for the residents of Mariposa Townhomes.
Owner, Mariposa Townhomes
Dear Resident of Mariposa Townhomes,
I write this letter with a heaviness of heart.
Today, you will receive official notice that your rents will increase substantially beginning March 1st, 2018.
As the president of the Property Management company that represents the new owner of the Mariposa Townhomes, it is our responsibility and job to inform you of the changes that will occur. Even though we do not own the property, we do understand the difficulty that comes with rent increases. Although ultimately, it’s your decision to remain at Mariposa or to move on, it is our ntention to support you in that choice.
We set a few practices in place to assist during this time:
- We hired a capable and caring person, Matt Stranahan, to help determine your immediate needs and to offer solutions. Matt will be living at Mariposa as the On-Site Manager as well, to be there when you need him. Feel free to reach out to Matt during regular business hours at his office or by phone: 541.951.1632 or email at: email@example.com
- If you decide to move from Mariposa, Matt will assist by doing what he (and we) can to find available housing for you in our area. He will research available properties, reach out to other property managers, and connect with the Jackson County Housing Authority to locate upcoming vacancies that could be right for you. This will be handled on an individual basis.
- If you choose to relocate to another CPM property, we will waive any application fees.
- CPM will return your deposit within 48 hours of vacating the apartments, instead of what normally would be up to four-weeks. (Charges for damages will still apply)
- Finally, Matt and I will be in daily contact to discuss your needs, concerns, and grievances so that we can do everything possible to help.
Please understand, we’re committed to helping your through this time. Although, the truth is we are just the property management company that manages Mariposa Townhomes for the property owner. In other words, we are the messenger delivering the message, and the property owner is within his rights to purchase a property like Mariposa Townhomes, with rental rates below market value, and raise those rates.
Please reach out to Matt either by phone, email, or stopping by his office and share your needs, and let us see what we can do to help.
President of CPM Real Estate Services
PDF Version of Letter to Residents of Mariposa Townhomes
November 27, 2017 by David Wright
The rising cost of housing is putting pressure on households in our region, state and nation. We are a third party property management company who does not own the properties, we manage and represents both landlords and tenants. When a market starts to tighten like it is today, it is challenging to find available rentals and due to lack of supply, the prices will rise until enough housing comes onto the market.
The Real Issue
This is a systemic problem that has been building for years. This perfect storm leads us to the housing shortage we’re experiencing today. The storm is generated from; a lack of new construction during the great recession; more conservative lending standards; lack of available labor, and decades of land use restrictions.
The amount of housing stock is simply not keeping up with the population growth in our region. We need to come up with creative ways to get more housing. I am honored to be on the Housing Advisory Committee for the City of Medford. We are looking at many options to recommend to the City Council to help produce more work force housing for Medford. This is a start, but we need to continue to look for creative solutions.
Here is one view from the Oregon Office of Economic Analysis at to why we have a housing shortage in Oregon:
It’s not all about rent control either, see the infographic explaining the “Consequences of Rent Control” here.