Value-Add Opportunity with Strategic Interior
Ownership has invested over $500,000 in recent capital expenditures into roofs, HVAC systems and strategic unit interior renovations. In total, 117 units (44%+) have been fully renovated. This renovation will allow for minimal deferred maintenance for future ownership. The remaining classic units can be upgraded for a proven monthly rent upside of $125+/unit. If no further improvements are made, new ownership would inherit an asset operating smoothly with fantastic cash flow from day one.
Proven Rent Upside of $129+/Unit with Strategic Interior Renovations
Thomasbrook will enable new ownership to realize significant rent premiums through a proven value-add renovation program. Over 44% of the units have been renovated at Thomasbrook, and classic units are primed for continued value-add implementation. Upgraded finish packages at Thomasbrook have resulted in an increase of more than $129 per unit monthly.
The vacancy rate in the South Lincoln submarket is 2.4% and is below the long-term average. With only 140 units delivered in 2022, low vacancy rates are forecasted. Rents have increased by an impressive 6.4% over the past year. The Lincoln market continues to be a very attractive market with strong apartment fundamentals and economic indicators, including the benefits of The University of Nebraska and high-quality medical facilities.
The information above is from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice.