by Cypress Ventures Group
Our rebranded new acquisition is now called Cypress Park Apartments.
See our original announcement.
The new sign is being built and our new logo is on the building. The branding represents the feel of our Cypress brand along with the modern units and park-like setting.
We are officially self-managing beginning in December and our value-add components that we’ve implemented thus far include:
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- Dog park foundation, fencing, seating. and pet obstacles has been installed.
- Grill with picnic tables in place.
- New address numbers installed.
- Landscaping updated.
- Outdoor seating, tables and bike racks in place.
- Model unit furnished and staged.
- Trees trimmed and cut back.
- New building lights installed.
- Security cameras being staged and installed.
- New facility breaker boxes installed.
- Maintenance room stocked with supplies.
- Utility tubs installed in boilers rooms.
- Additional folding tables in laundry rooms with facility message boards.
- New contracts in place for trash removal and lawn care/snow removal.
- New pedestal sign expected in the coming weeks.
- The pavilions and engineered plans for patios are in the permit process.
Our updates for spring will include the installation of the two patio and pavilion areas, paving, striping and sealing the parking area. We also plan to install a more formal onsite office. For now, we are using our staged unit to meet with prospective tenants which is a great selling point. We have sourced a supplier for furniture so we can offer fully furnished units. We will supply, sleeper sofa, ottoman, TV stand/cabinet, end table, standing lamps, beds, nightstand and lamp, granite peninsula, floating shelves, wall mount coat rack and stools.
Our first round of rents increases have been implemented. The current plan is to offer an upgraded unit with granite peninsula, additional shelving, stainless steel towel holders and brushed nickel cabinet knob updates for $875. If tenants want to have a fully furnished unit, we can supply it within a week for a premium price.
We are on track to reach our pro-forma rents of $875 in 18 months.
The first eight percent (8%) preferred return was distributed to our investors at the end of Q3. Our expected total return in 60 months is 12-14 percent.
We continue to work our business plan for Cypress Park while vetting new acquisitions in our key demographic area of Summit County, Ohio.
Please feel free to schedule some time with us to explore if being a passive investor in the apartment sector is right for you. You can schedule using this Calendly link.
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