The Equity Growth Opportunity:
- Reposition a 208-unit apartment complex with existing rents that appear to be below market rents, as evidenced at competitive properties.
- Within six months, completed nearly $1 million in capital improvements including: repaved the parking lot, installed new tenant amenities such as grill & picnic areas, dog park, and pool furnishings, upgraded stairwells and hallways, completed new signage, enhanced the landscaping, repaired leaking roofs, replaced water pipes in seven (out of 13) buildings, and commenced interior renovations transforming ‘classic’ apartments into Premium Renos.
- Average monthly total revenue increased 28% during the first 18 months of ownership as compared to an 8% gain in average rental pricing for the Jacksonville institutional market (Source: YardiMatrix).
- We sold Pinebrook after 18 months; the resulting financial performance is available upon request.