January 28, 2020
The Summerlyn property is undergoing a ton of value add renovations as of the end of Q4. The goal is to increase property income and occupancy. The property’s occupancy is slowly increasing as we are seeking to upgrade the tenant population to more steady, family-friendly renters. A big update to the property will be paving the parking lot to fix potholes, cracks, and imperfections and increase curb appeal for new residents. Once the exterior updates are complete we will start on the comprehensive interior unit updates so that we are able to drive up occupancy and increase cash flow.
Project Stage: Renovations Underway. Progress Towards Increasing Occupancy.
Park Blvd hit an exciting milestone as demolition is currently underway at the site. AMG Demolition has been doing a great job keeping neighborhood disruption to a minimum during this loud and typically disturbing process. We have narrowed down our options for capital stack partners to 2 groups and we are working out the deal structure to ensure we are working with the most favorable group for the deal. While we have demolition and final negotiations in progress, we have been working with the general contractor in order to get to contract for the construction. Since we are close to the build start, we are able to get concrete numbers and firm up the details for the construction phase.
Project Stage: Pre-Construction. Demolition in Progress. Contracts in Negotiation.
Goshen continues to cash flow and cover debt service and we will continue to look at refinance options that make sense for the existing capital stack on the property.
Project Stage: Completed and Cash flowing. Refinance in Progress.