NOMA Flats Q1 23 Annual Report
Quarterly update (Q1 2023) and annual review for NOMA Flats prepared by Team Falcon Capital. Covers market context (Fed rate outlook), property-level metrics (97% occupancy in March; March collections $40,800), operations and capex (pool renovation plans, flooded-unit repair, water/sewer meter plans), leasing activity and turnover, maintenance and make-readies, and an annualized rent-growth analysis showing 11.2% actual growth with a projection toward higher growth as remaining unit turns complete. Includes a SWOT analysis, risk/compliance improvements (renter's insurance, stronger screening, deposits), and investor logistics (bank moved to JP Morgan Chase; next distribution 1.25% paid between May 3–5).
Questions this document answers
97% occupied (only vacant unit was the water-damaged unit).
Collections for March were $40,800.
11.2% actual year-over-year rent growth (Feb 2022 → Feb 2023).
Between May 3rd and May 5th (year not explicitly restated; context is Q1 2023 update).
Next distribution: 1.25% (stated as 5% annualized).