Investment Highlights
- Affordable Housing Conversion Opportunity: San Regis represents an excellent opportunity to pursue an affordable housing conversion strategy and/or apply for a welfare exemption to offset ad valorem.
- Underutilized Tax Exemptions: The in-place regulatory agreement provides investors with an open communication channel to take advantage of exemptions that the seller is not currently utilizing.
- Extensive Renovations Completed in the Last 5 Years: $16.7M of capital improvements have been completed since 2020 reducing the effective age of the property to roughly 5 years old.
- Value-Add Opportunity: 191 units have been renovated to date with stainless steel appliances, quartz countertops, luxury plank vinyl flooring, shaker style cabinets, and modern plumbing & lighting fixtures. Investors can achieve 30% upside in rental income potential via renovating the 121 remaining market rate classic finish units as legacy tenants move out.
- Approved Plans to Add 14 New Units: The Property will be delivered with approved plans for adding 14 new units in the underutilized 2nd and 3rd floor of the 12,000 SF amenity building at the center of the property.
- Assumable In-Place Bond Financing: Investors will have the option to acquire the property on a free & clear basis or assume the in-place bond financing ($37.88M at 5.00% fixed through 2045, full term interest only). Preliminary conversations with the lender indicate potential for adding supplementary bonds to enhance overall loan proceeds.
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