OTH Capital (OTH) is a real estate private equity firm that focuses on the acquisition and development of multi-family real estate. With a fully integrated platform of property management, construction, and maintenance, the company has developed a tech stack that maximizes the flow of information and streamlines operations throughout its organization. OTH also leverages its venture capital firm, Stellifi VC, dedicated to discovering best-in-class innovators and solutions in real estate.
OTH faced a significant challenge on a recent acquisition, when it was charged with repositioning 560 units of Class C multifamily properties to Class B in preparation for disposition within a 36-month timeframe. This aggressive plan required turning an average of 15 units per month, far more than typical turnover rates, while keeping occupancy and operations stable. The team also had to juggle multiple renovation schemes across two properties, Astra and Carina, on tight timelines.
To meet these demands, OTH needed a way to manage and track renovations with accuracy, consistency. OTH turned to PropUp to help streamline their unit turns, tighten renovation schedules, and track every step of the process in real-time.
This repositioning project came with several critical objectives:
With so many units coming offline for renovation at once, the OTH team needed a way to coordinate technicians and vendors, monitor progress across multiple renovation schemes, and make sure each unit was market-ready without delay.
OTH deployed PropUp at both the Astra and Carina properties with over 10 staff members trained and ready to use the platform in just one day. The onboarding process was fast and adoption was steady among technicians and vendors.
PropUp gave OTH complete visibility and control over its ambitious repositioning project, enabling the team to track every unit turn at both properties for 11 months from move-out to market-ready while monitoring renovation progress in real-time to prevent delays. PropUp streamlined coordination across multiple renovation schemes without sacrificing oversight of timelines or budgets and it provided a direct channel for asset, property, and construction management staff to share feedback that refined the platform’s feature set for even greater efficiency.
With PropUp, the team was able to stay ahead of schedule, keep occupancy high and focus on value-driving improvements that would position the properties for sale.
By leveraging PropUp’s tracking and coordination capabilities, OTH achieved:
By implementing PropUp early in the repositioning process, OTH was able to execute a large-scale, multi-property upgrade in nearly half the projected time while keeping occupancy high and rents climbing. PropUp’s ease of adoption, real-time tracking, and ability to adapt to different renovation schemes proved essential to the project’s success.
OTH continues to use PropUp at every property it owns and managers, with a portfolio that now encompasses more than 7,000 units of both conventional and affordable housing. OTH uses PropUp for inspections, work orders, and maintenance calendars, in addition to its original unit turn functionality.
PropUp’s advanced inspection app, with new features like mobile video inspections, has revolutionized how PGM plans, conducts and follows-up on its move-out, make-ready and punch-out inspections, while reducing overall time-to-turn and maximizing available units for marketing.Allowing PGM to beta test the app while PropUp built their new features, meant that PGM could provide ongoing input and get greater buy-in from its team. PGM continues to be an active beta tester with PropUp.These innovations enable the organization to provide superior client service, while saving time and money.
