September / October 2023

October was another record month of collections at the Terrace Portfolio properties!  We're so proud of our property manager for their continued hard work keeping occupancy high and delinquencies at near zero!!  

Two units are currently vacant (one at each property).  The townhome unit has been renovated and is one the market looking for the next awesome resident.  The Terrace Hill unit is currently being renovated.  

August 2023

We now have the Terrace Portfolio properties in Tampa, FL over 50% renovated and are shifting our focus to preservation of cash flow.  Because of this you will see fewer renovation updates in our monthly newsletters.  As residents turn over we will still renovate any units that haven't yet been completed, but the progress will happen intentionally slower than the past year and a half.  

July 2023

Two more unit renovations were completed in July. In just a year and a half we’ve nearly doubled the Net Operating Income for this property and will continue to increase it as we keep executing our value add business plan.

June 2023

Two unit renovations were completed with one more in progress. It’s been one and a half years since we’ve purchase the Terrace portfolio and boy have we come a long way. From a run down, multi-colored, pastel paint schemed, overgrown set of apartments to a modern, affordable, safe living community. We’ve also doubled the net operating income of the property during this time. But we’re not done yet. We still have work to do to make this community even better in the months to come.

May 2023

Two unit renovations were completed this month with several more being wrapped up. We have been leasing up apartments as fast as we can get it renovated. Its great to see such strong, consistent demand for quality apartment homes.

April 2023

Three unit renovations were completed in April and three more are in progress for May. The Temple Terrace Townhomes has some updated landscaping around the building signage.  This new landscaping is centrally located on the row of townhomes and draws in the eye to this beautiful new focal point.  We've come a long way on this property; from overgrown foliage and a rainbow of colors, these freshly updated building exteriors will draw in the quality residents that we are working to attract and lease up for the long term.

March 2023

Three unit renovations were completed in March and we're off to a solid start renovating two more this month. With the units completed in March we have now renovated nearly half of the 40 units! Landscaping updates were completed at the Terrace Hill Apartments and landscaping at the Temple Terrace Townhomes are coming next.  

February 2023

Mike, one of the general partners on the Terrace Portfolio deal, traveled to the property for a visit this month. He met with the property management company to discuss operations, the contractor to talk about renovations, landscapers to begin planning exterior work. In addition, we have one unit renovation in progress that is nearing completion.

January 2023

One in-progress unit renovation was completed in January. This was a lighter renovation which meant our contractor was able to get it completed in a few short weeks. This unit was leased up within days of completion. Rental demand in Tampa remains strong in the first month of 2023. Unit renovations have been moving at a fast pace over the last six months, but we’ve slowed down as we're being more intentional about conserving capital for the next several months.

December 2022

Two unit renovations were completed in December, one at the townhomes and one at the apartments. This brings our total for 2022 to 17 units renovated! We’ve accomplished a lot over the past year and are proud of the outstanding living community that our team has created through the enhanced curb appeal and upgraded units. In addition to the unit renovations, we repaired and replaced concrete along the property sidewalks, parking lots and patios to reduce trip hazards and keep the exterior looking great.

November 2022

Three unit renovations were completed in November, two at the townhomes and one at the apartments. We’ve been renovating units as quickly as possible the past six months to increase revenue and get better quality residents into the property. We now have a good resident base that is consistently paying rents on time and will take better care of the units.

October 2022

October was another great month of progress at the Terrace Properties with shutter installation, completion of the laundry facility and three more unit upgrades completed. This brings the total up to 13 renovated units since we began back in March. Rental demand in Tampa remains strong and these units are being leased up within days of the renovations being completed.

September 2022

Two unit renovations were completed in September, one at the townhomes and one at the apartments. The renovated unit at the apartments will be converted to a corporate lease which will bring in an additional $200/month in revenue over many of the current rental rates. New signage was also installed at both properties and provides a freshly branded appearance to the properties.

August 2022

Renovations slowed down a little in August as we put the finishing touches on the last of the five in-progress apartments. That gave our crew time to continue putting the finishing touches on the exterior of the townhomes. New number plates and light fixtures help brighten and modernize the exterior. Shutters are on order and a coat of fresh paint on the entry doors will complete the look.

July 2022

This month was busy with five units being renovated simultaneously. There was no shortage of surprises encountered by our general contractor as they discovered water damage, old termite damage that had never been remediated and even people living in a unit that was supposed to be vacant. Three of the units have been entirely renovated and two more are getting the finishing touches put on. Kudos to that team and our property management company for the incredible amount of work put in this month.

June 2022

Now that the exterior at the Terrace Hill Apartments is complete it's time to move on to the Temple Terrace Townhomes. Fresh paint does wonders for brightening up a worn exterior and with new number plates and light fixtures this place will look practically new. Renovations on a few units at the apartments were completed and have started on several units at the townhomes.

May 2022

Exterior painting at the Terrace Hill Apartments is complete and with the addition of new number plates, lights and door fixture the property is looking amazing! Painting at the Temple Terrace Townhomes is just kicking off and we’re looking forward to seeing the transformation that will bring to that very outdated-looking property.

April 2022

Three unit turns have been completed at the Terrace Hill Apartments. Unit turns have been going smoothly and we have a nice 'template' established for future unit turns that will increase speed and improve cost efficiencies.

March 2022

The first unit renovation at the Terrace Hill Apartments has been successfully completed. It was a quick turn that took just over a week and a new resident was waiting to move in as soon as it was completed. Exterior work continued with stump grinding and power washing. Painting the exterior at Terrace Hill Apartments also began this week. The original plan was to only paint the front of the apartments, but after looking at a sample painted apartment we decided to paint the entire exterior to complete the modern feel this new paint scheme will give it.

January 2022

When we took over the property it was a sight for sore eyes! Trees, bushes and foliage overtook the property facades making it appear highly undesirable. As soon as we began trimming things up the residents took note and began expressing gratitude for the new ownership reinvestment in the property. There’s still a lot of work to be done but this is the first step in a long journey.