- UPSIDE OF $190/UNIT/MONTH WITH STRATEGIC INTERIOR RENOVATIONS
- DEMONSTRATED VALUE-ADD UPSIDE IN THE SUBMARKET
- ATTRACTIVE FULLY AMORTIZING 2.75% FIXED RATE HUD DEBT
- CENTRAL ST. LOUIS LOCATION CLOSE TO DINING, SHOPPING AND ENTERTAINMENT
- MIXED-USE ASSET WITH CREDIT TENANCY
- IN-PLACE 100% TAX ABATEMENT BENEFIT
UPSIDE OF $190/UNIT/MONTH WITH STRATEGIC INTERIOR RENOVATIONS
Gotham provides the ability for new ownership to realize significant rent premiums of $190/unit/month on average through the renovation of unit interiors including new appliances, painted or new cabinets, resurfaced countertops, new flooring, a modern paint scheme, and upgraded fixtures.
DEMONSTRATED VALUE-ADD UPSIDE IN THE SUBMARKET
Located less than 0.5 miles from Gotham is The Delmonte, which has successfully executed on property and unit upgrades. Further demonstrating the viability of rent upside in the immediate market. By completing unit upgrades with similar finishes, Gotham will be able to achieve rents alongside The Delmonte. Additionally, smaller properties across the street from Gotham have been able to execute on a value-add business plan and achieve rents in-line with Delmonte.
ATTRACTIVE FULLY AMORTIZING 2.75% FIXED RATE HUD DEBT
In 2017, Ownership was able to acquire highly attractive HUD debt on the property which can be assumed by a purchaser allowing for a high leverage acquisition with favorable financing.