Carter - SDF17 · Silver&Springs Asset Background Date of Acquisition January29, 2016 Purchase...
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Transcript of Carter - SDF17 · Silver&Springs Asset Background Date of Acquisition January29, 2016 Purchase...
Thank You to Our Sponsors:
Fields of Ashburn (Ashburn, VA)
Rancho Carrillo(Carlsbad, CA)
Renwick Square(Elk Grove, CA)
Sutter Terrace(Roseville, CA)
Heritage Park(Duarte, CA)
The Terraces(Escondido, CA)
Country Wood(Naperville, IL)
Woodcreek Terrace(Roseville, CA)
Cooper’s Crossing(Irving, TX)
Wellington Woods(Kissimmee, FL)
Hudson Gardens(Pasadena, CA)
Schooners Cove(Ann Arbor, MI)
Eagle View Court (Middle Island, NY)
Castelar(Los Angeles, CA)
Fields of Germantown(Germantown, MD)
San Rocco(Orlando FL)
Natomas Park(Sacramento, CA)
Ospreys Landing(Naples, FL)
Northpointe(Long Beach, CA)
Ravenna(Orlando, FL)
Woodside(Ontario, CA)
Bella Cortina(Orlando, FL)
Fields of Sterling(Sterling, VA)
Arbors at Cary(Cary, NC)Seaport Village
(Long Beach, CA)
Brooklyn Portfolio I(Brooklyn, NY)
Oak Village(Oakland, CA)
Silver Springs(Seattle, WA)
Fairmont Oaks(Gainesville, FL)
Brooklyn Portfolio II(Brooklyn, NY)
Harbour Pointe(Ft. Lauderdale, FL)
The Lodge(Seattle, WA)
Woodmont(Washington, DC)
Pending
Grand Pointe(Poughkeepsie, NY)
Lincoln Creek(Dixon, CA)
Brooklyn Portfolio III(Brooklyn, NY)
Pending
Avanath’s Footprint
Fund I / Fund II / Fund III
Avanath Corporate Headquarters(Irvine, CA)
Avanath East Coast Office
(Washington, D. C.)
Grand Pointe ParkAsset BackgroundDate of Acquisition January 2017Purchase Price $19,350,000Avanath Equity $7,861,000MSA New York, NY2017 AMI $89,400Average Rent $1,428Units 156Year Built 1997Type Workforce
Business Plan
• Budgeted $8,179 per unit in deferred capex and remaining interior unit upgrades which will enable the property to burn-‐off concessions, lower delinquency, and stabilize the property for steady growth
• Eliminate bundling packages which charged extra for washer/dryers and cable and include standard on all new leases
Grand Pointe
Silver SpringsAsset BackgroundDate of Acquisition January 29, 2016Purchase Price $32,271,165Avanath Equity $11,412,331MSA Seattle, WA2017 AMI $96,000Average Rent $1,069Units 251Year Built 2000Type LIHTC
Business Plan
• Budgeted $4,800 per unit in deferred capex and amenity upgrades which will enable the property to burn-‐off loss-‐to-‐lease, lower delinquency, and stabilize the property for steady growth
• Increase storage and garage rentals for additional income
Silver Springs
