16,8%
Target
IRR
IRR
6,4%
Target
Cash on Cash
Cash on Cash
2,05Х
Target Equity
multiple
multiple
OVERVIEW
Value-add acquisition of a two property portfolio in Spokane, WA.
VALUE-ADD
Significant value-add opportunity to bring an underperforming asset to market level performance. On turn, lightly renovated units at the Property are already achieving rents in the range of the pro forma post-renovation rents.
PARTNER
Next Wave Investors specializes in investing in the Pacific Northwest and their principal, Jordan Fisher, personally owns 185 units less than 5 miles from the Property. Their experience managing in this market, combined with efficiencies from nearby properties in their portfolio will allow the Sponsor to seamlessly operate the property.
OCCUPANCY
The Property is currently ~97.7% occupied and, per CoStar, submarket vacancy is 3.1%, nearly half of the national average. Underwritten vacancy is ~6% which provides upside if occupancy is to remain close to current levels. There are currently ~30 units expected to be delivered in 2021 in the submarket. This constricted supply should continue to place downward pressure on submarket vacancy.
PROPERTY AT A GLANCE
The lives of two mob hitmen, a boxer, a gangster’s wife, and a pair of diner bandits intertwine in four tales of violence and redemption.
INVESTMENT HIGHLIGHTS
We work hard every day to make life of our clients better and happier
- Hight QualityWe are a leading firm in providing quality and value to our customers. Each member of our team has at least 5 years of legal experience.
- Good SupportOur managers are always ready to answer your questions. You can call us at the weekends and at night. You can also visit our office for a personal consultation.
- Individual ApproachOur company works according to the principle of individual approach to every client. This method allows us to achieve success in problems of all levels.
MANAGEMENT
We work hard every day to make our customers' lives better and happier
BUSINESS PLAN
The Real Estate Company has budgeted $5.00MM in capital expenditures which will be allocated to both interior and exterior renovations. All units will undergo renovation at $11,487 per unit. The interior renovation plan will introduce stainless-steel appliances, new lighting fixtures, plumbing enhancements, vinyl flooring, new carpets, resurfaced countertops, and new paint. Exterior renovations will include repainting, roofing repairs, a new signage package, and aesthetic upgrades to the pool and landscaping. Post-renovation, the Real Estate Company plans to increase rents by $150 - representing a 15.7% return on cost on interiors. The Property will be sold after a 5-year hold at a 5.50% cap rate.
CapEx Breakdown:
CapEx Breakdown:
* Miscellaneous includes: PM Interior Renovation Coordination Charge, Capitalized Renovation Technician (Labor), and On Site Project Supervision Costs in Lieu of General Contractor Fees.
PROPERTY
The lives of two mob hitmen, a boxer, a gangster’s wife, and a pair of diner bandits intertwine in four tales of violence and redemption.
We are a leading firm in providing quality and value to our customers. Each member of our team has at least 5 years of legal experience. We love what we do.
Our managers are always ready to answer your questions. You can call us during the weekends and at night. Also, you can visit our office for a personal consultation.
Our company works according to the principle of individual approach to every client. This method allows us to succeed in tasks of any level.
FINANCIALS
The best way to improve your professional skills and increase your value
45%
SKETCH
1 year
100%
ADOBE ILLUSTRATOR
3 years
65%
MOBILE UI
2 years
We are a leading firm in providing quality and value to our customers. Each member of our team has at least 5 years of legal experience. We love what we do.
Our managers are always ready to answer your questions. You can call us during the weekends and at night. Also, you can visit our office for a personal consultation.
Our company works according to the principle of individual approach to every client. This method allows us to succeed in tasks of any level.
DOCUMENTS
The lives of two mob hitmen, a boxer, a gangster’s wife, and a pair of diner bandits intertwine in four tales of violence and redemption.
Вопросы и ответы
The lives of two mob hitmen, a boxer, a gangster’s wife, and a pair of diner bandits intertwine in four tales of violence and redemption.
We are a leading firm in providing quality and value to our customers. Each member of our team has at least 5 years of legal experience. We love what we do.
Our managers are always ready to answer your questions. You can call us during the weekends and at night. Also, you can visit our office for a personal consultation.
Our company works according to the principle of individual approach to every client. This method allows us to succeed in tasks of any level.