June 2021 – Dakota Developments

MOVING FORWARD BY LOOKING BACK

A year ago, the world looked very different. Still in the early days of the pandemic, our outlook was uncertain and the promises of vaccines were still many months away. At Dakota, we closed our office, began to work remotely, and took recommended precautions on our construction sites to ensure safety. We took action where we could but our industry was buzzing with fears of high vacancies, difficulty with collections and lease ups, and most of all concerns about the health and safety of residents.

Despite the hardships, fears, and challenges of the past year Dakota’s Director of Finance and Asset Management, Mike LeBrun, reports that our stabilized portfolio maintained an average of 97% occupancy rate from March-December 2020 and our overall collections during the period was 98%. These numbers are comparable to a normal year, an incredible feat considering all the uncertainty we faced in 2020. In addition we were able to successfully lease up three properties without delays.

To read the full June 2021 newsletter, click here.