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Jun 21, 2018Ownership recently spent about $400k in 2017 replacing all roofs and upgrading the laundry facility and on-site tenant amenities. This is on top of the $350k in Cap Ex the previous owner spent in the preceding 24 months (so $750k spent over the last 2.5 years or so).

You can electronically sign the CA to gain access to trailing financials, a rent roll and our 2016 OM (we previously marketed/sold):

Here are the brief highlights:

• 100 units – two story garden walk up
• 1976 construction on 9.5 acres. Leasing office on site in a unit, with laundry facility on site.
• Historically high occupancy, currently at 97%
• Opportunity to push below market rents with minimal capital investment to get to similar vintage comps in the market.
o Approximately 50% of units are available for an interior renovation
o Nearby market rate competitor Foxcroft Apartments (1976 construction, 228 units) is achieving average rents $150 - $200/unit higher depending on floorplan
• Statesville is 40 minutes from Downtown Charlotte, 20 minutes to Mooresville (Lowes Corporate HQ, ~4,000 jobs)
o 5 minutes to a Belk/Starbucks anchored retail center / 7 minutes to Downtown Statesville
o 1 mile to Iredell Health System Hospital, a regional 247-bed hospital (1,500 jobs)

Pricing expectations are $60k/unit, or $6,000,000.

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