Kicking butt and taking names

/ Humboldt Village/

A quick update on how this project is progressing. We closed August 9th 2022.

Rents started at $726/unit average. Jan 1 is now $942/mo. Proforma for End of year One was $992…so we’re over 80% done after 4 months. Next rent moves in May will put us at 100%+ in 9 months or sooner.

Vacancy has been very good. We planned for 3-4 units open at any one time for turns/upgrades, and we’re running at that rate or better. Supply just isn’t there at these prices.

Renovation ’90 day plan’ was aggressive, but mostly done:

  • Roof (4 Roofs+all drains) - Done

  • Exterior Parking Lot Finish Pave & stripe – Done

  • Street renamed ‘Humboldt Village Lane’ & updated with USPS/Gaston County - Done

  • New concrete Dumpster Pad – Done

  • CCTV – License plate camera  - Done

  • Common – New Mailboxes - Done

  • Water Sub-metering – Done

  • Interiors – 4 of 10 done @80% of plan cost. (we turn as available…so more will come as 12 months tracks along)

It’s looking good…check out the pics below and the property FB page and you should drive by some day soon!