- Over $3,575,000 in Recent Capital Expenditures
- Organic Upside Due to Ownership Prioritizing Occupancy After Recent Renovations
- Tremendous Potential for Additional Revenue and Further Renovations
- Ability to Command Demand in Undersupplied Class-A Market
- High-Visibility Location Near Key Area Demand Drivers
- Extremely High Occupancy Rates Across Comparable Properties in Champaign
- Modern Construction Offered at a Highly Attractive Basis Significantly Below Replacement Cost
- Offered Free and Clear of Existing Debt
Over $3,575,000 in Recent Capital Expenditures
Over the past 18 months, current ownership has invested over $3,575,000 in significant upgrades at Copper View. They’ve converted the less desirable 4/4 units into high-demand 2/2 and 1/1 units, and the quick lease-up and high occupancy of these units demonstrate their strong appeal in this market. Additional recent improvements include a renovated pool deck, new dog park, updated clubhouse and fitness center, freshly painted and enclosed hallways, and more. These upgrades provide new ownership with a modern, low-maintenance asset featuring best-in-class amenities.
Organic Upside Due to Ownership Prioritizing Occupancy After Recent Renovations
Following recent renovations, ownership has focused on leasing up the property rather than pushing for top-of-market rents. Even so, they’ve hit max 12-month rents 138 times during lease-up, with only pre-renovation leases falling short. This shows a HUGE opportunity to further increase rents beyond current levels, and can be seen in recent trade out of $150/unit.
Tremendous Potential for Additional Revenue and Further Renovations
The 1/1 units command a much higher rent per square foot compared to the 2/2 and 3/3 units, thanks to upgrades like new kitchen cabinets and stainless-steel appliances. With a simple kitchen refresh on the 2/2 and 3/3 units—such as painting cabinets and adding stainless-steel appliances—new ownership can further increase rents, going beyond the current organic upside and in line with comparable market properties.
