MANAGEMENT REIDSVILLE
- Purchased Dec. 2021 by a single owner operator.
- Increased the average unit rate from $59.00 to $90.00 a month.
- Placed our management practices in the place (manage to revenue, not occupancy) and have been able to drive significant investor value in a short period of time.
- Most of the capex focused on curb appeal enhancements, new HVAC units, and converting a small unused building into 18 additional storage units.
- Purchase Price: $5.25 Million
- Capex Budget: $235K
- Total Capitalization: $5.48 Million
- Strategy: Focus on operations and build a portfolio in the immediate to sale(currently own 2,600 units in a 50‐mile radius)
- Project Size: 88,000 NRSF / 706 Units
- Capital Partners: Friends/Family/Syndication
- Revenue Since Purchase: Up 32.39% (purchased Dec. 2021)
- Occupancy: 86%
- Cur. Cash on Cash to LP’s: 14.62%
- Value Creation: ~$3.4M since purchase
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