Asset was a Class B 184-unit property in Las Vegas, NV acquired in 4Q of 2015 at $63K/unit and was sold in 2Q of 2017 at $77K/unit.
The asset underwent a rebranding and renovation process on both exterior and interior aspects. This resulted in $100+ rental increases along with an implementation of a robust RUBS system and washer/dryer package that allowed for additional income generation. Simultaneously, expenses were run more efficiently than the prior owner allowing for an 8% reduction.
Capital improvements included new monument and directional signage, exterior upgrades and repairs, installation of new common area amenities, and an interior unit upgrade package.
Asset was a Class B 484-unit property in Houston, TX acquired at the end of 2011 at $26K/unit and was sold in 2Q of 2015 at $46K/unit.
The asset underwent a rebranding and extensive renovation process on both exterior and interior aspects. The end results helped achieve a $200+ increase in rents, along with new income streams through implementation of a RUBS system and other ancillary fees.
Capital improvements included new exterior paint and siding upgrades, new monument and directional signage, new pool and fitness center equipment, installation of new playgrounds and dog parks, clubhouse renovation, and an interior unit upgrade package.