The Stockbridge Apartments

Link to Progress Photos

• Parking gate replaced - NOTE:  new Keyfab System being installed
• Rear building elevator motor control replaced and both elevators being evaluated for full upgrades in Q2 2024
• LEAD 100% inspection & city certified
• Mechanicals - Boiler - system clean, underground pipe replacement, & addition of Ext temp sensor system for auto-operation
• Mechanicals - radiator in-unit controls 50% complete - final installs planned for January 2024
• Commons - LED lighting throughout including building exterior
• Commons - painting - hallways, laundry, office area, foyer, exterior entry complete
• Landscaping - front area cleaned up
• Facade Repairs - Fire escape and front balcony work planned for Q2 2024
• Unit turn summary (26) reno & tenanted, (3) applications in review, (50) total units turned by January, 15 2024 
• The building was showcased in Cleveland Magazine "Best Places To Live" - June addition
• Marketing - Fall special signage and newly available units going to market this week with goal of 10 new leases by the end of November 

• Projecting 64.5% Cap Ex budget used with resulting in 65% unit turns and common improvements 
• (26) new leases have a blended average of $904 - range of $730 for the 250sq' units to $1395 for the 1285sq' 
• (14) existing long-term tenants are at or above our target market rate - most will not move which reduce our renovation budget

Link to Progress Photos

PROGRESS SUMMARY AS OF 8/21/23 INCLUDING 30 DAYS OF PLANNED ACTIVITY

• Parking gate replaced - NOTE:  new Keyfab System being installed September 2023
• Rear building elevator motor control replaced and both elevators being evaluated for full upgrades in Q4 2023
• LEAD 100% inspection & city certified
• Mechanicals - Boiler - system clean, underground pipe replacement, & addition of Ext temp sensor system for auto-operation
• Mechanicals - radiator in-unit controls 50% complete - final installs planned for October 2023
• Commons - LED lighting throughout including building exterior
• Commons - painting - hallways, laundry, office area, foyer, exterior entry complete
• Unit turn summary (15) reno & tenanted, (5) applications in review, By the end of September, we will be wrapping up unit turns 45-47.
• The building was showcased in Cleveland Magazine "Best Places To Live" - June addition

Financial Highlights

• Projecting 43% Cap Ex budget used to be complete with resulting in 61% unit turns and common improvements by Sept 30th 
• (15) new leases have a blended average of $919 - range of $730 for the 250sq' units to $1395 for the 1285sq' 
• (17) existing long-term tenants are at or above our target market rate 
• At acquisition, the gross monthly potential rent was $70,884 after 12 months and our current actual is $70,780  
• Renovation progress by end of September 61% unit turns and 70% common area improvements with 61% funds allocated

Link to Progress Pics: HERE

• Parking gate replaced
• Rear building elevator motor control replaced and plans to improve interiors to be completed in June 2023
• LEAD 100% inspection & city certified
• Mechanicals - Boiler - system clean, underground pipe replacement, & addition of Ext temp sensor system for auto-operation
• Mechanicals - radiator in-unit controls 50% complete - to be 100% by July 30th
• Commons - LED lighting throughout including building exterior
• Commons - painting rear hallways completed - Front entry, Foyers, and Front Halls to be done by July 15th
• Unit turn summary (10) reno & tenanted, (16) punch list phase and/or on the market, (8) upcoming and/or active renovations to be completed in the next 30-45 days.
• The building is being showcased in Cleveland Magazine "Best Places To Live" - June addition

Financial Highlights

• Projecting 43% Cap Ex budget used to be complete with resulting in 47% unit turns and common improvements by July 31st - 1 year ownership mark 
• P&L reports to be issued in June 2023, but last 5 new leases are over $170 blended average above underwriting projections

Link to Progress Photos

PROGRESS SUMMARY AS OF 3/23/23 INCLUDING 30 DAYS OF PLANNED ACTIVITY

Link to Progress Pics: HERE

• Parking gate replaced
• Rear building elevator motor control replaced
• LEAD 100% inspection & city certified
• Mechanicals - Boiler - system clean, underground pipe replacement, & addition of Ext temp sensor system for auto-operation
• Mechanicals - radiator in-unit controls 
• Mechanicals - plumbing isolation valves & in unit shutoffs 50% complete
• Commons - LED lighting throughout including building exterior
• Commons - painting to be completed Feb 2023
• Unit turn summary (6) reno & tenanted, (8) reno & cleaned, (10) active renovations to be completed in the next 26-30 days.

Financial Highlights

• 23.4% Cap Ex budget used resulting in 28.6% unit turns and common improvements as summarized above 
• Rent increase impact on first 20 units projected to be $188 per door blended increase

Link to Progress Photos

• Common area LED lighting - interior and exterior - in progress to be completed this week
• Rough in plumbing - we're adding shutoffs and isolation valves for current and future service - to be completed this week in basement area and vacant units
• Boiler improvements including temp sensor for main along with radiator controls for all unit
• Currently working on 12 unit turns - these will be rolled out early Quarter 2  which includes, LED lighting, low flow plumbing fixtures, fully updated kitchens and baths, flooring and paint.  Most units are getting full turns, but a few have recent updates that allow for partial turns
• We'll be enhancing the the entryway - interior and exterior as weather permits over the next few weeks
• Lead Test - the building passed the test
• Parking gate was replaced
• Rear elevator in process - part on backorder