ACQUISITION STRATEGY

Purchase Off Market at a Steep Discount: Secured at ~ 40% of replacement value

Upgrade and Stabilize Asset: Complete minor capital improvements and install operational efficiencies

Increase Rents: Property’s rents significantly lagged market comparables in an otherwise robust market

EXECUTION

Capital Improvements: Invest in minor high impact exterior upgrades and bring online a 2BR unit previously used as storage
On-site Management: Professional property management, directed by aggressive ownership, successfully converted all leases to market rent, increased occupancy, and eliminated concessions

RESULTS

Increased Rents: Successfully raised rents ~20% over two years with zero concessions and minimal bad debt
Increase NOI: Increased from $596k (T12) to $789k (Jan 2020 T1 annualized)

INVESTOR RETURNS

Returns NET of all fees.