Asset and Market Support for Higher Rents
Boutique community size (120 units) with only two owners in the last 24 years
Modernized and renovated in 2020, increasing its effective age and leaving little to no deferred maintenance for new ownership
Largest unit sizes (942 avg SF) of its vintage in the submarket
Only community of its vintage to offer full-size washers and dryers in all units in submarket
30 units (25% of unit mix) available for upgrade
White appliance packages in classic units
Can add microwaves to units without them
Can add stainless steel appliances to all units
Can add private yards, more reserved parking, and bulk cable/internet contract
$200 rent gap with Class A communities in submarket
3% to 4% annual rent growth projected for 2025 and 2026 (Axiometrics and CoStar)
Zero new conventional construction within three miles