This 272-unit 3-asset portfolio was purchased in December of 2021 as a straight management play with almost 0 deferred maintenance, acquired at 97% occupancy with room to grow rents and decrease expenses.

The previous Owners were paying for all utilities including sub-metered electric bills for all 272 units. Simply having tenants take over their own electric bills — adding $270k directly to Year 1’s NOI — equates to $4.5M in added value, at a 6-cap, without investing a dollar.

This 138-unit property was purchased in October of 2022. A value-add play with a decent amount of deferred maintenance with lots of room for rent growth.

The previous Owner’s rents were well below-market and included all utilities. Turning 110 units and investing $350k in exterior / common space upgrades to justify bringing rents to market and implementing a RUBS program will increase the value of this property enough to sell after 3 years of ownership and bring our investors a solid ROI with a quick turnaround.