As 2024 drew to a close, Bernstein Management Corporation (BMC) celebrated the outstanding achievements of its portfolio. Among 37 multifamily properties, the Residences at Rio emerged as the clear winner, clinching the title of 2024 Residential Property of the Year.
The Residences at Rio is located at 9890 Washingtonian Boulevard, Gaithersburg, MD just across from Rio Gaithersburg shopping mall. The property demonstrated remarkable financial success in 2024, averaging a high occupancy of 97.1%, exceeding Total Revenue targets year-to-date through October and achieving 6% revenue growth compared to 2023. The Rio team expertly managed expenses, coming in just under budget for Total Operating Expenses through October and reducing overall expenses by over 2% compared to 2023. As a result of their hard work, net operating income (NOI) increased by more than 17% over 2023.
Additionally, the Residences at Rio team showcased their ability to adapt and excel in a competitive market by:
- Aligning leasing strategies with current market trends
- Enhancing resident experience through thoughtful community events
- Delivering exceptional customer service, creating memorable "wow" moments
- Cultivating numerous 5-star reviews
- Achieving significant rent growth
- Reducing move-outs by an impressive 56% compared to budget
The team demonstrated positivity and creative problem-solving with residents, exemplifying BMC's people-first commitment. Their dedication went above and beyond as team members frequently stepped in – even on weekends – to create a seamless and frustration-free experience for all.
Congratulations to the Residences at Rio team for their outstanding performance and dedication to excellence in 2024!
To learn more, visit www.residencesatrio.com