Asset Details
The CalTier Fund made a participating investment in The Vue in September 2021, and we are already seeing strong leasing metrics.
Upon acquisition, our real estate partner, Lionel Partners, immediately began adding washer and dryer sets to the Classic Units, allowing them to increase rents by $240/month for those units. That’s a 22.5% increase!
They are also in the process of completing 8 new renovated units, 5 of which are already pre-leased at an increase of $488/month. That’s 9.2% higher than the original pro forma projections! The plan is to continue starting renovations on 6 units a month through August.
As a whole, Lionel Partners has already completed updating the exterior paint, re-striping the parking lot and replacing the roofs. The gym renovation is in progress and they have planned renovations for a dog park enhancement, pool resurfacing, and updating the BBQ grills.
Renewals have also seen a strong increase at $140/month, which is 12% over prior rents and occupancy is at 93.9%, which is 2.9% above pro forma projections.
In just a couple of months, we have already had a distribution that consisted of 0.64% return based on CalTier Fund 1’s investment amount.
