Our December 2023 acquisition of Westminster Club in Brunswick, GA, showcases our ability to rapidly add value to underperforming assets. In just one month, we've dramatically enhanced the property's curb appeal and renovated a third of the units. The project is on track for full renovation completion this year, a full year ahead of schedule. The higher-than-anticipated loss-to-lease presents additional upside potential for our investors. Despite a challenging cap rate environment, we've already increased the equity value within the first year of ownership.
Early Success Indicators:
- Year 1 revenue within 1% of budget projections
- Renewals on classic units exceeding proforma by $100
- Equity value appreciation achieved within the first year, despite rising market cap rates
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