UPSIDE OF $200/UNIT/MONTH WITH STRATEGIC INTERIOR RENOVATION PACKAGE
Riverwood provides the ability for new ownership to realize significant rent premiums of $200/unit/month through the renovation of unit interiors including new appliances, painted or refaced cabinets, resurfaced countertops, new flooring, a modern paint scheme, and upgraded fixtures.
STRONG PROPERTY OPERATIONS | CURRENTLY 98% OCCUPIED
Riverwood is currently 98% occupied and has historically AND consistently performed at high levels. The Property presents a unique opportunity to acquire a well-maintained asset, with stabilized operations and strong cash flow, with significant upside potential.
LOW VACANCY SUBMARKET AND NO NEW CONSTRUCTION
The immediate submarket and rental comps have an average vacancy rate of 3.9%, and there has only been 108 units delivered in the submarket over the last 10 years. Supply of modernized well-appointed units is extremely limited, and these low delivery numbers give owners in the market confidence that their occupancy will remain strong, even as they make strategic interior upgrades and push rents. Further, the top-end of the market has not been tested.
