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June 11, 2020

DiversyFund Q1 Investment Update (2020)

COVID-19 Notice: We are consistently monitoring the situation at all properties to ensure adherence to best practices. We are pleased to say that we have seen minor to no impact on the current performance of the portfolio. We will continue to monitor federal, state and local guidelines to ensure all properties and their residents are following regulations.

Summerlyn (Austin region, Texas)

Project Stage:  Cash Flowing. Exterior Renovations Nearing Completion. 

Summerlyn has been outperforming market projections around COVID-19 impact. Our property manager is in open communication to support tenants and moving forward with rent collection on adjusted schedules.

Renovations are progressing steadily with approximately 90% of planned exterior enhancements completed, providing enhanced curb appeal. Occupancy is on target with several units newly leased, signaling a positive trend for the area.

McArthur Landing (Fayetteville, NC)

Project Stage: In Escrow

McArthur Landing is a 121-unit, cash flowing property built in 2014 that is closing escrow in Q2 2020. We are excited to bring this new addition to the Growth REIT portfolio. 

We’ll be performing light interior and exterior renovations to enhance the property. In-unit enhancements will include flooring, kitchen appliances, cabinets, countertops and other small upgrades. Exterior enhancements will include landscaping, patio, dog park, roofing, hallway and fencing upgrades.

Park Boulevard (San Diego, CA)

Project Stage:  Construction in Planning

Demolition of previous construction is now complete. The new construction is in planning and we are looking forward to launching once state and county safety guidelines enable us.

Goshen (Linda Vista, CA)

Project Stage:  Cash flowing

Goshen continues to perform according to pro-forma expectations.