Autumn Ridge Apartments
About this Property
Autumn Ridge was built in 1986 and its interiors and amenities are outdated. By updating unit interiors, renovating the exteriors and improving the Property’s amenities as shown in the Capex schedule on page 13 of the Executive Summary, rents can be raised by approximately 17% based on the Property’s current average rents and nearby comparable upgraded properties. This increase is recognized over a 3 year period as units are upgraded. The interior renovation program includes new black appliances, updated cabinets, blinds, two-tone paint, faux wood flooring, new hardware and fixtures and upgraded countertops. Exterior upgrades include a new outdoor kitchen, landscaping improvements, and a clubhouse renovation. The total capital expenditure budget for the project is just under $3.3 million or $8,272 per unit. See the Executive Summary for complete details.
- 8% preferred investor return
- Solid job-growth market
- Projected rent growth is 17% after implementing value-add strategy
- The Property is being refinanced in December of 2015 and recapitalized finance value-add improvements.