- Attractive Basis with Value-Add Potential through Strategic Renovations
- Operational Improvements and Revenue Growth Opportunity
- Substantial Historical Capex and Strong Asset Preservation
- Excellent Highway Access and Proximity to Key Retail and Employment Centers
- Attractive Unit Mix and Comprehensive Amenities
- Offered Free and Clear of Existing Debt
Attractive Basis with Value-Add Potential through Strategic Renovations
Blue Ridge Place is offered at a competitive basis relative to the current market, presenting strong value compared to recent trades and showcasing its income potential. This favorable entry point provides investors with a unique opportunity to acquire a well-positioned asset with significant upside potential. Strategic renovations to unit interiors will enable rent premiums and attract higher-quality tenants, offering a clear path to increasing both revenue and asset value.
Operational Improvements and Revenue Growth Opportunity
Operations at Blue Ridge Place are currently on an upward trend, with occupancy rates above 90%. New ownership can continue this momentum by implementing strategies to reduce loss-to-lease, control expenses, and tap into additional income opportunities. These efforts, combined with a value-add renovation program, will significantly enhance the property’s financial performance.
Substantial Historical Capex and Strong Asset Preservation
Over the last decade, Blue Ridge Place has had substantial investment from its ownership groups with a heavy focus on asset preservation and exterior capex. In all capex has totaled over $2,600,000 from the last few ownership groups, over $1,400,000 of which has been spent by the current ownership group since 2020. Capital spent has included the following:
- Double pane windows
- Pool and sun deck refinishing
- Siding and exterior trim replacement
- Fitness center updates
- Significant HVAC & water heater replacements
- Addition of a large maintenance shop
- Substantial interior improvements
