Location
EXECUTIVE SUMMARY:
This asset boasts a mix of 4 studio units measuring 400ft² and 9 one-bedroom units measuring 600ft². Pinehurst Apartments was built in 1930 and has been exceptionally well maintained over the years. Currently Pinehurst is operating at 100% physical occupancy and has maintained this level of performance for many years. The property’s rents are significantly below market as a result of being conservatively owned and operated by the same family for twenty-five years.
Important to note, there has been no expense spared on the Cap Ex for this asset. 8 of the 13 units have newer windows and the roof was redone two years ago at the expense of $50,000.