The Rejected Project, Reinvented

Jumping Brook
Neptune, NJ

4 years

Holding Period


Renovation dollars spent




This garden-style apartment complex was in a sorry state of neglect — and occupied by a criminal and delinquent clientele. Not a single update had been executed since the property’s original construction in 1970. Poor management resulted in serious and repetitive maintenance challenges: grading issues and water penetration, water damage and mold, overgrown landscaping — and ongoing criminal activity on-site.


To compound the challenge, existing rent control restrictions limited market interest and turned away many investors.

Yet the property was situated in an ideal location, directly off the major Garden State Parkway highway. New outlet shopping had sprouted nearby, and Jersey Shore Hospital — with a $200M expansion in the works — was just five miles away. With a cost-conscious renovation and strategic negotiation with the local rent control board, rents could be increased closer to market levels.

Complete Repositioning

Immediate, extensive renovations in all units created bright spaces that appealed to tenants. All property amenities were scrubbed and refurbished, including the lobby, pool, gym, and management office. To ensure maximum energy efficiency, every boiler was repaired or replaced. Outside, new signs graced the building entrance, while wild landscaping was tamed, manicured, and framed by a beautiful dog park.


Water damage had led to significant deterioration over time, requiring careful attention. A precise system for stormwater management resolved water intrusion issues.

Basement areas were remediated for mold, and the exterior of the property received its first-ever powerwash. More than 100 roofs were replaced to protect against the elements. The facility also received new entrance doors and more than 70 new exterior steel staircases.


To address management challenges, the property was fully restaffed — from administration to maintenance. Strict, property-wise protocols were implemented for oversight and repairs, to ensure the property continues to operate at peak condition — and continues to satisfy residents.


A far cry from the crime-infested hot spot it once was, Jumping Brook has experienced a complete turnaround: it is now a family-friendly haven that attracts hardworking professionals, including many healthcare employees from nearby facilities.


The dismal property condition — and the requisite $5M renovation capital — would have intimidated most operators. Successful execution of this mammoth project depended entirely on the experience of Premier’s renovation and management teams, and on their scrupulous internal organization.

Thanks to the sweeping upgrades — and a well-presented case to the Neptune rent control board — approval for higher rents was granted. A pioneering rollout of utility billbacks (before it became standard) also generated additional income, putting the property in a strong financial position.


With strategy, vision, and competence borne of capacious experience, Premier managed to overcome an entrenched low-income tenant profile and create a desirable property populated by quality families.


Within four years, Jumping Brook was sold for a 37% IRR and a 4x multiple on invested dollars.

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