Modernization Hub

Modernization and Improvement
July 12, 2016

July 12, 2016


Hey guys! Chris Urso here of U-R-S
Capital Partners or URS Capital Partners – How are you? Down here on site at Pinnacle on Pleasant our property down here in Cincinnati I wanted to just show you guys real quick
what we like about this deal so we’re doing a site visit right now for our
investor group here so we come down on a quarterly basis at a minimum depending on the project, and just check on things: meet with our site team, see
some of the work that’s been done… so you can see here one of the big things we
did we liked about this deal was the visibility of it so you see behind me there’s a lot of
traffic going by – you’re right on the road here great visibility, good neighborhood, hope
it’s not too loud for you, but we bought this deal just about 18 no, about
20 months ago was October of 2014 so some of the things we did right away
was the curb appeal right here we came in and put this landscaping in
last spring it’s now kind of maturing really well trees, bushes, all the flowers, new
monument sign did a really nice job to spruce up
the properties that was phase one of the reposition and rebranding we rename the
property and we give you guys a little bit of a walk-through of this site.. so when we come down to really give support to our teams that are on
the ground down here on a regular basis this site alone employs
about five to six people at any given time, full time employees so from two people in the office to
two-and-a-half to three people on the grounds and maintenance You can see some of the landscape
here, we want to come down here – they’ve been doing a fantastic job – they’ve churned the tenant base from when we took over to now our collections are
literally a hundred percent on a monthly basis we run on an average occupancy
between anywhere from 90 to 95 percent a month you see we added this whole sidewalk
here this wasn’t there – so
residents that were prospects that would come into a park right here and then have to
walk across grass, etc. We added all this landscaping here you know looking backwards that’s our
new leasing office up here all of our signage, paint and really just
hit the front of the property pretty hard: to make that first
impression on prospective residents. I want to show you guys the new leasing
office too – see the sign there – I mean this is what we do
we’re value-add buyers we look at properties that we can come in and bring
in new management, really change the look and feel, rebrand the property and
elevate the property in turn increasing rents and occupancy over time. This
particular property has a gym here a nice little gym so our
leasing office and walk you guys through we just finished renovating the leasing
office and clubhouse that’s our manager’s office so our
assistant managers office say hi and this really came out fantastic so what
we did in here is: I’m going to give you kind of a quick – hopefully you’re not getting nauseous here 🙂 – but take a look around they did a really good job on renovating
this and modernizing the space it was really kinda out-dated a little bit
cheesy so now they made this a really useful
space both for prospects that are coming in the door and also existing
residents to kind of come in, sit here if they need to do some work, and get a
little hang out in the lounge here break out their laptop, we have Wi-Fi –
get some coffee etc and do a little bit of work. I’m going to walk out back I’m going to show you guys the pool now – hopefully they’re
not doing the photo shoot right now for our marketing we’re going to go out this way can you open that for me? Ok no problem, I’ll
go out this way, thank you We’re going to walk around this way
stick with me guys I know this is a long one but giving you some real behind-the-scenes access. David and I are down here, there’s their crew there, they
were out checking out the model let’s see if I can get in over here they
might have this locked that’s a concern yeah the other key for that so you’ll see here we’re down here early
so the pool doesn’t open up typically until about noon now that’s all right but don’t worry Mark’s going back here mark you have the
key yeah say a little mark say I mark say I
Sean David that’s the village green crew show you
guys the amenity space here we put in Sean really was responsible for
overseeing the project but new outdoor kitchen hangout area here with big
built-in table and show you guys the fire pit area as well so we added this
whole space the pool was here we put new furniture
all new furniture throughout cleaned it up really made it nice you know big pool so you’ll see like
right off the pool the residents can use the outdoor
kitchen we got a big sport court back there but these are the things that we
saw on the property that we liked and they just were kind of very basic and
vanilla when we bought the deal is being run
more the c-class property and we took it from C to a true be both in you know
rents occupancy demographics tenant profile and that’s really what’s allowed
this property to be really successful for us and for our investors you know we
hit our returns in the first year on pace to exceed our returns in our second
year and it’s a deal we are going to hold for steady cash flow over the next
you know anywhere from five to seven years so i hope you appreciate getting a
little tour get to see some of the team here and there’s the there’s a property
we’re in the process of removing the tennis court because nobody really uses
it anymore so we’re going to make that more kind of outdoor activity space
there and we’re doing good i’ll report back on the next site visit thanks

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