Opportunity Highlights

• ATTRACTIVE ASSUMABLE LOAN

  Fixed-rate Freddie Mac financing at 5.68%, with interest-only payments through November 2028. 

• LONG-TERM OWNERSHIP

  Covington Glen has been meticulously maintained by the current owner for the past nine years. 

• OPPORTUNITY TO PUSH RENTS TO MARKET

  Competitors’ rents exceed the subject’s in-place rents by $242+. 

• OPPORTUNITY TO INCREASE OCCUPANCY TO MARKET

  The subject’s occupancy trails the competitive set average, creating an opportunity to drive substantial value at Covington Glen through improved occupancy and higher overall collections. By stabilizing occupancy, we project more than $456,000 in additional annual revenue. 

• INTERIOR VALUE-ADD

  100% of units can be updated to a consistent modern standard. 

• ATTRACTIVE RENT TO INCOME RATIO

  Current in-place rents of $1,110 account for just 15.8% of monthly average household income within a three-mile radius. Average household income exceeds $84,000 within three miles. 

• CAPITAL INFUSION

  Covington Glen has benefited from ongoing capital improvements, with a strong emphasis on interior unit upgrades as well as exterior and resident-experience enhancements. 

• DISCOUNT TO HOMEOWNERSHIP

  The monthly cost of homeownership for the average-value home in the area, including mortgage, taxes, and insurance, is $2,747, well above the subject’s market rent of $1,120. With mortgage rates elevated, renting continues to be an attractive option for residents in the submarket. 

• I-20 CORRIDOR EXPANSION

  The I-20 corridor is experiencing significant growth, with billions invested across healthcare, manufacturing, film, and technology, including the $5 billion Rivian plant now under construction, which is expected to bring 7,500 new jobs to the area. 

• IMPROVING COLLECTIONS THROUGH RECENT STATE LEGISLATION

  Recent state-level legislative developments support landlords in property management and operations. Most notably, HB 1203 allows landlords to employ privatized setouts through approved off-duty law enforcement officers. 

Amenities