Investment Update 2/2/18 – We Closed On Ashland Apartments!

84 Units in Lexington, KY

I am very excited to announce that Amity Cash Flow, in partnership with Venture D Properties, has closed on Ashland Apartments (formerly known as Country Lane) in Lexington, KY.  This property has a bright future and we can’t wait to get going.

The Property

The 2nd largest city in Kentucky, Lexington is a beautiful city known as the Horse Capital of the World.  In its honor, we are rebranding the community to Ashland Apartments, named after the Ashland Stakes-a thoroughbred horse race here in Lexington.  Surrounded by multiple apartment communities that are demanding a premium in rent, we are perfectly positioned to offer our residents a freshly updated community of 2 & 3 bedroom units to compete in the market.

The Plan

We are taking a strategic approach to renovating our interiors, as well as the landscaping and common areas.  Our professional management team will raise rents slowly at first.  Then, once more of the community has been upgraded, we will raise rents to meet market rates and drive investor returns.

The property will be repositioned over the next 16-20 months, increasing the Net Operating Income (NOI) and forcing the value. The process will begin this coming week, with vacant units being renovated to meet our standards.

Through the property’s repositioning, rental increases, and eventual sale, our conservative underwriting targets investors’ Internal Rate of Return (IRR)  at 16-20% annually.

If this is something you’d be interested in, I have another property that has a few spaces left for investors in San Antonio, TX.  Shoot me an email at chris@amitycashflow.com

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