The Woods of Filmore
The Equity Growth Opportunity:
- Consolidate 50 out of 50 buildings totaling 200 apartments, implement institutional quality management, complete $1 million in capital improvements (parking lot, roofs, ACs), and improve unit interiors while maintaining occupancy.
- Cost basis is significantly below the Fannie Mae appraisal price.
- Rent growth driven due to population expansion and leading area schools.
- High occupancy rate in the area – 93% to 99% with average rent growth was 7% per annum in the 2014 to 2016 period, with 2% to 4% on average.
- Low unemployment rate – 4.1%, top job opportunities are in the finance, healthcare, transportation, and government. Jacksonville added 12.5 new jobs (84,000 jobs) over the past four years for every newly built unit (6,700 new apartments).
- In first six months of operations, average rent increased by 10% from $750 per month to $822 per month. Our renovated rents have been over $300 higher than previous rents.