Rehab, Rebrand & Reposition

Asset

• 116 Units in Pasadena, Texas
• YOC 1978
• Acquired December 2017
• Beginning Average Rents $0.84/SF, or $659/Unit

Work Completed

• Name changed – All new signage
• Fully Remodeled Office/Clubhouse Building
  • Relocated pool equipment
  • Rewired to add electrical grounding
  • Added fitness center and children’s play area
• New roofs
• Full wood & paint
• Revamped pool area
• Extensive ironwork repairs
• Upgraded landscaping
• Plumbing & lighting upgrades to achieve Green Program compliance
• Converted from manual to computerized management system
• Ongoing unit upgrades
• Total CapEx $900K

Results, Nine Months After Acquisition:

Average rents increased 18% to $0.99/SF or $761/Unit

Average rents continue to rise as renewals cycle and unit upgrades continue