INVESTMENT HIGHLIGHTS 

• Attractive Assumable Debt

  Fixed-rate agency loan at 3.98% and current loan balance at $12.8M

• Opportunity to Increase Occupancy to Market

  Subject’s occupancy is below the competitive set’s average. An opportunity exists to create substantial value at Stonecrest Mill by driving occupancy and therefore increasing overall collections. By stabilizing Stonecrest Mill’s occupancy, we project additional annual revenue of more than $1.4M.

• Desirable Unit Mix

  Spacious, one- two-, and three-bedroom floor plans averaging 938 SF. Additionally, 37.1% of units are townhomes averaging 1,090 SF.

• Attractive Rent-To-Income Ratio

  Current in-place rents ($1,308) accounts for only 19.9% of monthly AHI within a three-mile radius.

• Discount to Homeownership

  Monthly mortgage payment, taxes, and insurance ($2,671) for average value home in area outpaces subject’s market rent ($1,136). With mortgage rates remaining elevated, renting continues to remain an attractive option for many residents within the submarket.

• Desirable Demographics

  64% of population within a three-mile radius holds white-collar employment positions and the average household income exceeds $79k and $91K within a three- and five-mile radius, respectively.

• Improving Collections Through Recent State Legislation

  Recent legislative developments on the state level aid landlords in property management and operations. Most notably HB 1203 allows landlord to employ privatized setouts via approved off-duty law enforcement officers. A new owner of Stonecrest Mill will be able to draft off the new landlord-friendly legislation and grow net operating income through improved economic occupancy and collections.

Amenities

Location