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East Orange, NJ
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The building has a completely renovated common area and a newly renovated apartment about to be leased. The property has historically been 94-100% occupied and generates an approximate 59% NOI margin at 95% economic occupancy. One Wall Partners expects to achieve consistent rent increases while maintaining high occupancy. They plan to continue managing the property intensively in an effort to maintain at least 95% occupancy with minimum 3% annual rent increases. The local rent control ordinance allows 4% increases on occupied units and 5% or higher increases on vacancies depending on renovations. Over time, there is additional potential upside from higher occupancy of the parking lot.
Through hands-on asset management One Wall Partners will seek to limit operating cost increases to 2.5% annually. They will also continue to pursue selective renovations and improvements to optimize potential rent. Although underwriting assumes only 3% rent increases, this is conservative compared to what they have achieved at similar buildings to date where they have generated 4-6% annual increases. The operating cost structure has been stabilized during their ownership to date and they continue to seek out new savings opportunities. Thus far, One Wall Partners made boiler repairs and added a control to generate heat savings. They also realized significant insurance savings from a master policy spread across their portfolio.
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The property is well located in a residential area of East Orange with a walk score of 73. It is
Available to Accredited Investors:
Below are some of the most frequently asked questions about this offering.
The Sponsor owns 100% of the entity at present; this a recapitalization not an acquisition. The property was purchased in February of 2016 for $1,550,000. Since then, approximately $30,000 of capex has been invested and the NOI has increased by more than 20%. The Sponsor presently owns 100% of the equity and is offering equity at an asset valuation of $2,312,500 which is an 11% discount to lender’s appraised value of $2,600,000.
The funding deadline for this opportunity is July 11th, 2018.
The first projected distribution is scheduled for September 2018.
Distributions are scheduled to go out on a quarterly basis.
Yes, non-US residents are welcome to apply. Please contact the sponsor for more details.
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