- Operational Focused Value Add Play
- Significant Value-Add Upside with Proven $170+ Rental Premiums Post-Renovation
- Washer-Dryer Premium Outlined in the Unit Mix
- Prime Location with Connectivity to Major Employers and Attractions
- Diverse Unit Mix and Amenities Supporting Resident Satisfaction
- Offered Free & Clear of Existing Debt
Operational Focused Value Add Play
Riviera Apartments presents a compelling value-add play with significant operational upside for new ownership. The current owner has only started to reach post renovation occupancy of above 90% in recent months and has not yet burnt through the significant loss to lease created during lease up. Strategic initiatives such as improving occupancy & collection rates, reducing loss-to-lease, reducing controllable expenses and tapping into additional income opportunities are poised to significantly boost the property’s performance. Once fully stabilized, these value-add strategies are projected to boost NOI by over $650,000!
Significant Value-Add Upside with Proven $170+ Rental Premiums Post-Renovation
Riviera presents a substantial value-add opportunity with 129 unrenovated units, comprising 78% of the total unit count. Investors can significantly enhance property value and increase rental income by implementing modern cosmetic upgrades across these units. Planned renovations could include contemporary finishes such as sleek, high-end countertops, modern cabinetry, and stainless-steel appliances in the kitchens. Additionally, upgrades might feature luxury vinyl plank flooring, updated lighting fixtures, and fresh, stylish paint colors. In the bathrooms, new vanities, modern tile work, and updated fixtures can add a fresh, upscale feel.
Renovated units have already demonstrated impressive rent premiums, which highlight the effectiveness of these enhancements:
- One-bedroom units: $170+ rent premium post-renovation
- Two-bedroom units: $290+ rent premium post-renovation
- Three-bedroom units: $170+ rent premium post-renovation
Washer-Dryer Premium Outlined in the Unit Mix
One of the nine buildings at the property is equipped with in-unit washer-dryer connections, which have consistently been a sought-after feature among residents. Currently, only a limited portion of the property offers washer-dryer connections, creating a clear opportunity to capitalize on this demand. With 85% of the units not yet offering this premium, there is significant upside potential to capture higher rents by retrofitting additional units. By adding washer-dryer connections to the remaining units, the property could realize a steady increase in rental income, as residents have consistently been willing to pay a premium for the convenience and comfort of in-unit laundry.
