The Stockbridge Apartments

Link to Progress Photos

PROGRESS SUMMARY AS OF 11/10/23 

• 50 of 77 will be turned by end of the month and new move ins are at or above market rate. The common hallways are painted and beautiful new lighting complete. New parking gate signage has been added noting security on site. We are moving along!

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