Florin 95 Rehab Deal
Similar to Santiago 12, this is a 95 unit complex with more stable tenants and income. This has about 40% lower than market rents and some exterior wear and tear. This project has two possible exits and we are leaning towards 1. 1) Raise the rents by 20% after acquisition and complete the exterior moisture and termite damages and parking lot and fences. This is likely to not have much tenant attrition and can be quickly put back on market to be sold a further value add opportunity project. Turn around is 3-6 months. 2) Raise the rents by 40% after acquisition and complete the exterior moisture and termite damages and parking lot and fences. This is likely to have some tenant attrition. In that case the vacating units will be renovated and rented back. And also there is an opportunity conver some dead/storage spaces to 3 more units, making this a 98 units asset. Will then be sold at higher price as full turn key asset. Turn around is 6-9 months. We are opting for option 1.
Rehab Details
| Property City: | Sacramento |
| Property State: | CA |
| Purchase Price: | $8200k |
| Rehab + Other: | $1000k |
| Money Cost: | |
| Sale Price: | |
| Gross Profit: |
***March 30, 2019 ****
1) Project Complete
2) Apartment complex sold
3) Investor funds and earning returned.
***Feb 23, 2019 ****
1) Buyer’s loan process got delayed
2) New closing time is Feb end
3) Buyer paid more money due to the delay
***Dec 23, 2018 ****
- On track for closing Mid-January
***Nov 24, 2018 ****
- Selected one buyer out or 7 offers received
- All buyer contingencies have been removed
- Closing to be targeted for mid January 2019
***Oct 27, 2018 ****
1) Property is listed on market for sale
2) Few showings already done
3) Listing link: Florin West
***Sep 22, 2018 ****
1) Unit # 2 and 86 currently work in progress
2) County’s inspection items are about 80% complete
***Aug 25, 2018 ****
1) 4 Units have been prepared to turn tenant
2) County rental inspection list is being worked on
3) 80% of the big ticket items have been completed
4) Construction crew projects completion October end
***July 28, 2018 ****
1) Dry Rot Repair work in progress on last 3 buildings
2) Few more units turned
3) Majority of painting complete. Trip work in progress
***June 23, 2018 ****
1) Parking Lot Paving Complete
2) 70% of Exterior Siding work complete
3) Few units have turned over
4) Projected Market Date is Late Aug to Mid-September
**May 26, 2018 ****
1) Drive and Parking Paving Work In Progress
2) Front Entrance is Being Worked On
3) Project is about 50% completed
**April 28, 2018 ****
1) Couple of empty/new units have been remodeled. Ready for tenant
2) Several Patio fences have been completed
***March 24, 2018 ****
1) Tenants have been served Rent Increase notice
2) Work has begun on Yard fences and bathrooms
***February 24, 2018 ****
1) All Fund Requirements Completed
2) Likely Purchase Closing Feb 26/27
3) Project Action Plan In Progress
