Blackstone: what The PM can do across your apartment communities, with one worked example

Blackstone: what The PM can do across your apartment communities, with one worked example Prepared for Jonty Ziman on November 4, 2026. Nothing here comes from your systems. It is built from what can be read from the outside, and every number we chose ourselves is marked. WHAT WE SEE Your apartment communities are run day to day by property managers, so the work that sits between a resident or a lead and your asset team is spread over many offices: leads that wait for a callback, reviews that wait for a reply, work orders and vendor invoices that nobody checks against the contract. One community we looked at as a starting point is Ellington Midtown in Atlanta, 473 units, acquired in 2023 as reported at the time. We did not read its review page or listings for this note, so we state no rating or count for it. If you tell us which communities matter most, we read those first and put the measured numbers here. WHAT THE PM CAN DO (class: can, a forecast, not a result and not a promise) - Answer every new lead and book the tour, so a lead does not wait for office hours. - Draft a reply to every new review the same day, for a manager to check in a minute or two. - Turn a complaint into a logged work order with an owner, a date and a written follow-up to the resident. - Check each vendor invoice against its contract and the market price, ticket by ticket. - Collect rent and close the month with the exceptions listed for your asset team. AN EXAMPLE OF THE EFFECT (illustrative, not a client result) For example, take a community of 473 units at an average rent of $1,900 a month. If The PM can help move vacancy down by one point, say about 5 units that fill sooner, that is about $114,000 a year in rent (5 units x $1,900 x 12 months). At a 5% cap rate $114,000 of NOI is worth about $2.28M of value (our estimate; the cap rate is an assumption). Assumptions written out: 473 units as reported for the community; $1,900 average rent and a one point vacancy move are our estimates, not reported by you. The same arithmetic scales to any community: units x one point x your rent x 12. Your numbers will differ. HOW WE CHECKED - Unit count: as reported for the 2023 acquisition. - Rent, vacancy move, cap rate: assumptions chosen by us, labeled above. - Nothing on this page is a measured fact about your operations.