Carolina Pines offers a unique opportunity for investors to acquire a well-performing asset with strong occupancy and growing rental income.
Since January 2021, the owner has dedicated significant resources, totaling roughly $1MM, towards modernizing and enhancing the property.
This effort encompassed interior renovations, improvements to common areas, enhancements to the exterior, and upgrades to amenities.
Financially, the property has increased monthly income from $33,100/month off the T12 to $39,572/month off the T3 representing a $77,664 increase in potential yearly NOI.
Unit Upgrades
The unit interiors previously fell short compared to market comparables.
The owner has undertaken renovations and modernization efforts to bring the property up to par with or even surpass neighboring properties in the area.
Capital Improvements
The owner has upgraded several areas to further elevate the quality of the property:
Repainting the entire property
Updated Amenities such as adding a dog park, complete restoration of the pool, and refreshed playground
Roof Replacements on buildings #200 and #500
Enhanced curb appeal and completely new landscaping
Organic Rent Growth
Rents can be increased organically an average of $150 per unit based on recent rents achieved on 48 of the Ponderosa Pines 2BR floorplans.
This is an estimated supplementary annual revenue increase of approximately $86,400 per year on the Ponderosa Pines 2BR units alone.
