Lincoln Village Apartments

Property Highlights:

Address:

 

Units:

Construction:

Closed:

Property Managers:

80-160 Old Village Rd

Columbus OH, 43228

48

1964/2007

July 2015

Link Real Estate

Project Equity:

Project Debt:

Total Cost:

Loan Length:

Loan Rate:

$580,000

$836,250

$1,416,250

6 years

5.25%

 

 

Operational Plan:

  • Upon closing, the property was 50% occupied and only half were regularly paying tenants, along with multiple down units and significant deferred maintenance.
  • The Plan was to get all down units back online, clean up all the deferred maintenance, do interior renovations to raise units to market rents, add a water bill back, and rebrand the entire property.
  • Very well located C class asset in the Columbus submarket
  • Anticipated a 5 year hold to clean up and stabilize the property which would allow for appreciation upon sale.
  • At closing, the in place average rent was $500, which was $100 below market rents

 

Actual Operations:

  • Since closing we have added new signage, new parking lot, six new external staircases, fixed all water leaks, upgraded landscaping, and completely rebranded the worst property in the area.
  • 15 months after closing, we have achieved an average rent of $626 with a 93% occupancy.
  • Year 1 targeted water was $7,000 and we ended up collecting $15,500
  • After the first month of operations we were able to collect $490 in water bill back, and we are currently on pace to be collecting $1,600 a month going forward.
  • We had projected a sale of the property at $1,578,000 in 5 years, and we are going to market at 1.5 years with a list price of $1,875,000.

 

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