Stanley Rehab Deal
Similar to Florin 95, this is a 40 unit complex with lot of deferred maintenance and damages and significantly under-performing. Need complete re-modelling and 100% tenant turnover. Also needs a new management. Once that is done the market value of the property will increase and will be sold. Aggressive estimate is 18 months but more conservatively it is 24 months for the project.
Rehab Details
| Property City: | Sacramento |
| Property State: | CA |
| Purchase Price: | $4280k |
| Rehab + Other: | $1300k |
| Money Cost: | |
| Sale Price: | $6241k |
| Gross Profit: |
***April 9, 2023***
1) This project is completed and the proceeds are rolled over to Stardust
2) This is the last update for this project.
***Dec 19, 2022***
1) Arbitration completed in late November.
2) Same buyer to complete the purchase with some changed terms.
3) Likely to close this sale in the end of Jan 2023.
***Aug 31, 2022***
1) Sale fell through
2) Cash out refinance is the next step. Lender’s decision pending mid-September
3) Hoping to close before the end of the year
***July 13, 2022 ****
1) The sale has a landed a hiccup
2) New ETA for closing is end of September
3) Ground team is working with private lender
***March 31, 2022 ****
1. King and Stanley assets of the portfolio sale are going well.
2. Kirman asset had a setback with fire in Jan, hence some delay in the sale
3. Sale pushed out to Q2.
4. Assets have been performing well, providing multiple exit options
***Jan 31, 2022 ****
1) No material changes this months
2) Sale/Loan payoff is moving along and we expect repayment Q1 2022.
**** Oct 21, 2021 ****
1) In contract for sale. Sale is tied to Stardust due to equity share
2) May close early next year.
3) Attempted to sell separately, but lender will not allow
**** July 17, 2021 ****
1) As of June 2021, 60% of the unit renovations complete
2) Updates include.. Countertops, Interior painting, flooring and light fixture
3) Avg renovation per unit is about $10,600
**** May 16, 2021 ****
1. Permit for the Gate is being work on
2. Off-market showing continues for the sale
3. Working with CA Rental Assistance program to acquire new tenants
**** Jan 31,2021 ****
1) Lease is strong
2) Off-market marking in progress to guage before listing again
3) Few pictures of the inside units
**** Nov 28,2020 ****
**** Sept 26,2020 ****
1) Rent collections are great with little to no issues
2) Some showing activities for sale
**** July 19,2020 ****
1) This has been put on the market for sale
2) 100% Leased with almost completed exterior
3) Marketing flyer available if anyone would like to see.
**** June 05,2020 ****
1) Leased at 95% capacity
2) Slight drop in rents ($4k) due to COVID
3) Research in progress to determine time of sale
**** April 07,2020 ****
**** Feb 08,2020 ****
1) Removal of screen doors, Exterior Power Wash & Painting in progress.
2) Several new leases signed at market rents.
**** Dec 28,2019 ****
1) The roof is practically complete. Gutters pending.
2) Laundry room complete. Windows replaced.
3) Dry rot work in progress.
4) Total 9 units upgraded
**** Oct 30,2019 ****
1) 3 units renovated and on market for rent.
2) 2 other units near completion
3) Goal is put 3 new units on market every month
**** Sept 11,2019 ****
1) 3 Units remodel near completion
2) Roof repair on one building in progress
3) Both rear and patio fencing repair in progress
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- default
**** July 29,2019 ****
1) Light remodel currently in progress
2) Re-roof (flat roof portion) permits pulled. Work to begin in about 10 days
3) 2 units remodel to start in 1 week.
***June 22, 2019 ****
1) Tenants have been notified of change of ownership
2) Maintenance request are being serviced
3) Capital Improvements to begin next month
***May 19, 2019 ****
1) Acquiring a project similar to Florin.
2) 40 Unit Apartment. Needs significant work. Closing May 22nd.
3) Raising funds for the same. Please reach out to me if you have funds to invest at this time.
