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.
- The in-place rent roll increased 6.7% in the first six (full) months of ownership ($815 in March 2020 versus $764 in August 2019, the last full month under previous ownership).
- Average monthly revenue increased 10.1% during the first six (full) months of ownership ($179,000 for Odessa’s trailing six-months (T-6) versus $162,000 in T-6 prior to acquisition).
- 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.
- A three-bed Premium Reno apartment rented at $1,249, a $387 (45%) increase over the previous rent of $862.