Investment Highlights

  • Strong operating occupancy currently above 97%
  • Operational upside through loss-to-lease reduction of over $95,000
  • Ability to place new financing on the asset or assume the current loan of $7,250,000 at a 3.71% interest rate with interest-only period until December 2024
  • Rent growth is $200-$350 more per unit compared to the downtown comparables
  • Option to institute a bulk internet/cable program to increase $53 per unit
  • A mix of one-, two-, and three-bedroom units featuring luxury vinyl plank flooring, self-cleaning oven, microwave, dishwasher, air conditioning, in-unit washer and dryer connections, and soft close solid wood cabinetry
  • Community amenities include gated access, fencing around community, a leasing office, and two pet parks
  • Recent capital expenditures include resurfaced asphalt in 2021, stacked stone and shaker siding, crown molding, and LED lighting in 2020

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