Value Add Plan: Renovate for a Modern Student Living Experience
Our project is a 24-month renovation timeline to execute our strategic tenant relocation and capex plan and transform the property into a branded, higher quality student living experience. The property has maintained its character and will allow us to capture redesign and rebranding throughout the property’s interior and exterior facades. We have set the appropriate capital budget to execute our plan, below:
Redesign Floorplans and Convert ADUs for Optimal Value Creation
• Enhance existing floorplans to increase bed count and income capacity. • Convert the underutilized carport into an Additional Dwelling Unit (ADU).
Renovating for a Higher Quality Student Living Experience
• Updated interior finishes. • Quality renovation and finishes.
Capex Overview
Per Unit 1
Total
Revitalize Brand and Community Amenities • Revamp branding and marketing of the property • Upgrade amenities within the property Revamp Professional Management and Secure Turnover Execution • Replace outdated ‘mom-and-pop’ management operations. • Strategically turn units and bring up below-market rents. • Capture bankable rent increases available.
Soft Costs
$416,500 758,955
$29,750 54,211
Hard Costs - Exterior Common Area - Interior Common Area - Exterior Interior Renovations Construction Management
30,000 18,000
2,143 1,286
1,024,516
73,180
123,478 228,551
8,820
Contingencies
16,325
Total
$2,600,000
$185,714
1)
Pro forma units incl ADU.
17
Strictly Private and Confidential
Made with FlippingBook - Online magazine maker