Fieldstone offers investors an opportunity to purchase an asset featuring exceptional scale, an excellent basis, and substantial rent upside through interior renovations. The asset covets a desirable Frankfort location adjacent to well-kept single-family neighborhoods and immediate access to Frankfort’s premier retail corridor (Lawrenceburg Rd). The strategic location coupled with the property’s diverse unit mix provides a highly leasable asset allowing investors to begin achieving rental upside on day 1.

UPGRADE PREMIUMS OF $160+ PER UNIT WITH INTERIOR ENHANCEMENTS
Fieldstone at Frankfort is currently leased significantly below market with in-place rents averaging just $589 per unit. Substantial rental upside is achievable through interior renovations including updating lighting fixtures, appliances, and cabinets. Projected post-renovation rents of $756 per unit are still below the market average of $760 per unit and highly achievable given the property’s excellent location and large number of two-bedroom and townhome units.  

SUBSTANTIAL OPERATIONAL UPSIDE
Current ownership has acquired the property in multiple phases with the final phase being acquired in the early fall. This offers significant operational upside, as previously the property was not able to operate as one cohesive 235-unit asset. Furthermore, ownership has recently begun implementation of flat utility fees of $25 for one-bedroom and $35 for two-bedroom units. Additional other income of over $77,000 annually is achievable by implementing the current water fees across all units.