The Terrace Villas
01. THE TERRACE VILLAS
O This asset had been renovated extensively by the seller by with an impressive $3.6 million. The interiors of the units are upgraded to A class with granite counter tops, all steel appliances and much more. The property has beautiful lush green rolling gardens with a creek. The layout is wonderful. The rents were almost $100 under market.
03. Actual Performance
There turns to investors have been good. We did face some challenges with the tenant profile when we took over, we took steps to not renew some leases due to our strict qualification criterion. The job market is strong, we were able to increase rents as the leases came due for renewal. By bringing a strong Management team to oversee the property, the asset has been performing well after 6 months.
03. Cash Flow Distributions
We are very excited that the asset is managed by top Community Manager with a strong staff under our supervision. The investors have been getting regular quarterly Cash Flow checks since the purchase.
Since we bought the asset, we have taken care of the plumbing issues and minor renovations in some units. We are changing the signage, curb appeal, trimming and removing trees and repairing the swimming pool