North Little Rock, AR
28 units with seven 4-plexes built in phases. Two were built in the 1960s, one in the early 1970s and the most recent four in 1988. Some apartments have garages with internal access.
100% occupied in high demand and growth area.
Value adds upside:
Rents are below market by $100-$250.
Charge extra for garages
External and internal improvements
The repositioning plan includes upgrading the flooring, modern paint, Granite countertops, USB outlets, light fittings and outdoor areas for residents.
26 Town Homes, B Class Multifamily complex, built in 2012
100% occupied in high demand and growth area
Rents are below market by $150-$200. The residents pay all utilities.
The repositioning plan includes upgrading the flooring, modern paint, Granite countertops, USB outlets, Dog Park, Picnic areas.
Evergreen Place Apartments
36 Apartments community built 1997.
24 x 2 bed/1 bath & 12 x 1 bed/1 bath, all electric with washer & dryer connections.
Value-add project with 30% loss to lease.
Repositioning plan includes updating the apartments to increase rent and bill back for water, build dog park, picnic areas for the residents.
50 Lot Mobile Home Park community, residents own homes, city utilities.
Upside: lot rent pump, water billback. 6 more Lots, to Increas property value.
25 Lot Mobile Home Park community and Duplex, residents and park own homes, city water, septic sewage.
Upside: $200 lot rent pump, rehab and sell park own homes to Increase property value. Room to expend the park.
Multi-Family complex built 1980s, combination of 2 Bedrooms, 1 Bath And 3 bedrooms, 2 Bath. long term tenants in place. at time of acquisition had new roof and sidings. repositioning play includes rent increases, fixing deferred maintenance, landscape and fencing.
Townhouse style complex, built 1970s, 2 bedrooms 1.5 Bath two story homes. Each Townhouse is 1100sqf floor area with private courtyards. Repositioning Scope of work included: new Vinyl plank flooring, paint throughout, kitchen & bathroom hardware, light fittings, Granite countertops for kitchen, and resurface kitchen cabinetry, Fencing, new roof, branding, digital staging for marketing.
Sherwood Place Apartments
45 Apartments community built 1988.
2 bedrooms 1 bath, approximately 800sqf each, all electric with washer & dryer connections.
11 Fourplex buildings and 1 stand alone apartment on 3.5 Hectare lot.
Heavy value-add project with 25% vacancy and 35% loss to lease.
Repositioning plan includes updating the apartments to increase rent and occupancy, build dog park, picnic area and playground for residents.