Willowind Apartments
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Thank You!
Thank you for investing alongside us in Willowind Apartments!
We are committed to keeping you in the loop regarding all steps of our business plan for this asset. You can anticipate quarterly reports like these throughout the duration of the investment.
We took ownership of this property half-way through Q4 of 2023, so this report is reflective of a partial quarter.
If you ever have any questions, feel free to reach out to Caleb via email (caleb@oakiq.com).
Progress Update:
A Warm Welcome at Willowind
Imagine walking into a space that exudes modern comfort and style. That's what we're creating at Willowind's leasing office. By the end of January, this welcoming space will be complete with chic new furniture and decor, setting the perfect tone for both prospective and current tenants. It’s our first step in elevating the living experience at Willowind, as well as making a strategic strong first impression.
Tackling Challenges Head-On
Like most projects of this scope, it hasn’t been without its challenges. We've had to address a few imminent maintenance issues, including:
A collapsed drywall ceiling due to a shoddy previous repair. It had been secured by nails instead of screws.
- A small kitchen fire in one of the units that was effectively contained, and the minor damage has been mitigated and repaired.
- A main sewer line blockage caused by intrusive tree roots. We were able to jet the line, and it passed a camera inspection. We have put in place a regular sewer line maintenance protocol to prevent further issues.
- The polar vortex that hit the midwest, with sub-zero temperatures, caused a water line breakage and some mild flooding. We quickly addressed the flooding, repaired the line, and improved water line insulation to prevent future occurrences.
Overall, the challenges have been pretty in line with our experience on these types of assets.
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Steady Progress with Renovations
Renovations are in full swing. With five units already complete and more underway, our goal is to accelerate our renovation pace into March. We're targeting six to eight units monthly, aligning our efforts with the anticipated leasing season peak (April-June). This aggressive approach is key to achieving our target of increased occupancy at enhanced rental rates.
Looking Ahead
As the weather turns warmer, we have our sights set on repaving the parking lot, adding fresh striping, and removing the old covered parking structure. These enhancements will not only improve the aesthetics but also the functionality of our property.
(Q4 2023 - Partial Quarter)
Account Statement:
Accessing your most recent investment account statement is as easy as 1-2-3:
- Login to your portal account at: oakiqinvest.invportal.com
- Select “My Investments” from your dashboard
- Click “Account Statement” in the upper right hand corner to view and/or download
Financial Update:
Financials and Future Outlook:
In our investment journey, early financial reports can be useful, but they don't always give the full picture. For Willowind Apartments, the initial numbers in this report are encouraging. But keep in mind, these reports only cover our first 7 weeks of operations on the property. We expect our Net Operating Income (NOI) to temporarily decrease as we leave more apartments empty to renovate them. This is a key part of our plan to improve the property and is already accounted for in our financial forecasts.
We've also been extra cautious with our early expense estimates, including some costs we expect to diminish over the course of the year. This cautious approach means our projections might seem challenging at the start. But we believe it's better to be safe in our predictions and aim to perform better than expected.
Other Current Opportunities
Discover the final opportunity to invest in The Reserve at Bentonville - a prime investment for Accredited Investors. With Phase 1's groundwork set and Phase 2 fully funded, Phase 3 is now your last chance to join this thriving venture:
Phase 3 Open: The final stage of funding is now accepting investments.
Solid Returns: Projected 26%+ AAR, and 2.3X-2.7X Equity Multiple.
Tax Advantage: Benefit from significant tax efficiencies.
Robust Market: Invest in one of the fastest-growing regions in the U.S.
Proven Team: Backed by our vertically integrated sponsorship team with a strong track record of success.
Eligible to invest using IRA funds as well as cash investments.
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