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July 31, 2020

New Property Added to Your Growth REIT Portfolio

We’re excited to announce that escrow officially closed on a new property in the DF Growth REIT. This property is now part of your portfolio.

Property Overview

Location: Greenville, North Carolina
Type: Cash-Flowing Multifamily
Units: 242 apartments
Construction Year: 1991
Purchase Price: Approx. $16,000,000
Target IRR: 15.17%

Investment Opportunity

Boulevard West is exceptionally well located along a major commercial thoroughfare with the MSA’s largest retail center located 3 miles east. Close proximity to the largest employers in Pitt County — including Vidant Medical Center and East Carolina University — make it an attractive option for local renters.

Value-Add Strategy

The property is cash-flowing and will only require light renovations that will significantly enhance its profile. The property features 242 units situated on 14.4-acres of land, of which 75% are newly renovated.

We plan on implementing cosmetic upgrades to units including:

✓Kitchen updates
✓Countertops and appliances
✓ Light fixtures
✓ Bathroom fixtures

Planned renovations include:

✓Dog park enhancements
✓ Parking lot resurfacing
✓ HVAC
✓ Pipe replacements and water heaters
✓ Window replacements
✓ Roofing