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.
- In August 2019, after 11 months of operations, the T-3 net operating income annualized was $1,169,000 versus the (pre-acquisition) June 2018 pro forma trailing 12 months NOI of $778,000, representing an increase in NOI of over $391,000 (50%) in one year.
- In first 11 months of operations, effective rent increased by 14% from $733 per month to $833 per month.
- After Odessa positioned the Property for a light-value add renovation investment, it was sold to a large institutional fund. Sale price not disclosed; please contact Odessa for details.