Carlos Vaz, the Conti Group's founder, tells GlobeSt.com that $300,000 to $400,000 will be put into upgrading Sterling Pointe Apartments at 6001 Oakland Hills Dr. He says the value-add strategy for the class B-minus complex, built in 1984 on 7.4 acres, is starting with 59% occupancy, similar to Conti's other nearby properties, the 208-unit Huntington Apartments at 5700 Boca Raton Blvd., which is now 99% leased, and 176-unit Willows of Woodhaven at 5816 Boca Raton Blvd., which has inched above 80% occupancy.

Vaz says the post-renovation plan is to bump rents to 67 cents per sf from 60 cents per sf without any leasing concessions like free rent. The complex has 152 one-bedroom units of 671 sf and the balance is two-bedroom apartments in a 965-sf design.

Vaz says the upgrades will be a mix of improved security measures and exterior work, including landscaping. "We'll give you a nice place to live and safety," he says, citing re-tenanting as part of his plan. The Woodhaven neighborhood has been a trouble spot for local authorities and owners, who have banded together to tackle myriad problems created by a rising crime rate.