Multifamily Case Studies
Examples of how TCB Development & Construction applies construction, development, and asset-focused thinking to improve performance and create long-term value across multifamily projects.
Real Projects. Practical Results.
Our case studies highlight how TCB approaches multifamily opportunities through disciplined construction execution, practical development strategy, and a strong focus on long-term asset performance.
Reserve at Lindsey
97-unit HVAC conversion focused on cost reduction and long-term asset performance
Challenge
The property was operating with an outdated boiler/chiller system that created high operating costs, limited resident control, and constrained long-term asset performance.
Approach
TCB implemented a construction-led improvement strategy by converting the 97-unit property to resident-paid forced-air HVAC systems. The project was shaped by an asset management mindset, aligning building systems more closely with resident expectations, operating efficiency, and ownership goals.
Result
The project reduced operating costs, improved resident control and satisfaction, and supported stronger long-term performance for the asset.
Key outcomes
3x equity multiple on exit
$161,000 annual operating cost reduction
Improved resident control and comfort
Clifton Ridge Apartments
80-unit phased renovation and stabilization in Louisville, Kentucky
Challenge
When acquired in December 2009, the property had only 18 occupied units and required a major renovation and lease-up strategy. The project needed not only construction execution, but also a development-oriented plan for phased repositioning and stabilization
Approach
TCB completed a phased renovation program across all 80 units, including upgraded interiors, down-to-stud renovations in 36 units, structural repairs, drainage improvements, parking lot paving, and conversion of the pool area into a community garden and grill space. This combined construction execution with a broader asset improvement strategy designed to support lease-up, rent growth, and long-term value.
Result
The property reached 95% occupancy, rents increased to $600 per unit, and the final construction total came in below budget. The project demonstrates how coordinated construction, repositioning, and asset-focused planning can work together to strengthen performance
Key outcomes
Rent growth from $550 to $600 per unit during stabilization
80-unit renovation completed in phases
Occupancy increased from 18 occupied units at acquisition to 95% stabilized occupancy
Final construction total of $1,198,785 against a $1,250,000 budget
Greentree Townhomes
57-unit heavy renovation and repositioning in Clarksville, Indiana
Challenge
At acquisition in February 2011, the property was 60% occupied and required extensive interior renovation. Forty-eight units underwent major work, with many taken down to the studs and requiring mold remediation. The property needed both construction expertise and a clear asset repositioning plan.
Approach
TCB carried out a significant renovation program that included new cabinets, drywall, plumbing, flooring, HVAC, and finish materials, as well as mold remediation in affected units. The work was completed on budget and on schedule, supporting a broader strategy to reposition the townhome community and improve long-term operating performance.
Result
The renovation program stabilized the property, improved physical condition, and helped move occupancy from 60% at acquisition to 78% after completion, according to the case study. The project reflects a practical combination of construction execution and asset-focused improvement.
Key outcomes
57-unit townhome community
48 units underwent extensive renovation
Total project budget of $610,860, completed on budget and on schedule
Occupancy moved from 60% at acquisition to 78% after completion
TCB Development & Construction 