Phoenix I & II

Investment Summary

Property:

Phoenix I & II is a portfolio located in Lexington, KY and comprised of a 1964 built 72 unit building and a 1974 10 unit building. This is a stabilized asset with historically high occupancy and good cash flows. The property was self-managed by the current owner for over 15 years.  When purchased, both buildings required a capital infusion for interior and exterior renovations. The rents were well below market and the expenses were very high.


Strategy

Maximize rent potential and investor returns through capital improvements to enhance overall appeal and marketability in a neighborhood that was well above the condition of this property.

Opportunity Highlights

Our business plan includes the following improvements.


  • Renovate all unit interiors and Improve exterior appearances to attract higher quality tenants
  • Bring rents to market levels in-line with the neighborhood to drive revenues up by over 20%
  • Substantially reduce wasteful expenses from an expense ratio of 67% to below 45% in year one  

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