B Class community, 310 units, El Paso, TX
Property:
Terrace Hill Apartments is a B-Class community comprised of 310 units in the heart of El Paso’s hottest entertainment area. The property boasts a newly renovated clubhouse, two laundry rooms, a new basketball court, and two pools.
Strategy:
Cure exterior deferred maintenance and continue proven interior unit renovation plan that was partly executed by the previous owner. This two pronged capex plan will allow us to bring rents to market levels and substantially improve NOI and property valuation.
Highlights:
Our business plan includes the following improvements.
With a renovation budget of > $1MM we will upgrade 90 interior units to achieve market rents.
The property also has some external repairs that will be addressed in our budget help beautify the property and maintain its B-Class appeal.
We’ll also convert this to a “Green Asset” by installing energy saving devices such as low-flow toilets and LED lighting.
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