Promotional presentation (YouTube) announcing Ashland Green Value Add Fund VI, a Dallas–Fort Worth value-add multifamily offering. Speakers describe a 2005-built, six-story mid-rise (202 units, avg 1,014 sqft) currently ~93% occupied, purchased off-market at ~20% below prior market value. Planned value-add includes ~$10,000 interior CAPEX per unit (stainless appliances, quartz, luxury showers, closet systems) targeting ~$290/month rent premium, plus exterior/amenity upgrades and new income drivers (W/D rentals, smart-home package, water savings/leak detection).
Questions this video answers
2005
202 units
Six-story mid-rise
93%
1,014 square feet
Chapters
Hello investors. I'm excited to announce that this asset right behind me is going to be part of our newest offering, Ashland green Value Add Fund 6, which consists of multiple off market properties here in Dallas Fort Worth. Built in 2005, this asset is a six story mid rise consisting of 202 units. Currently occupied at 93%, this asset provides a great mixture of floor plans, ones and three beds with an average square foot of 1,014. We are purchasing this asset off market and we were able to source the deal and put it under contract at about a 20% discount to previous market value. I will now pass it over to Emily and Michael where they'll be discussing the location as well as our planned CAPEX projects.
This asset has easy access to many nearby employment centers located within the Dallas North Tollway and I635. Tenants can take advantage of employment opportunities from the Dallas urban core all the way to Legacy. Some nearby employment drivers include Dallas Fort Worth Airport, Love Field Airport, Medical City Corporate Office and the booming Las Colinas community. This asset is located in a primary North Dallas location where some nearby attractions include the Galleria Mall, Downtown Dallas, White Rock Lake Trail and Vitruvian Park. For this asset's interior renovation program, we are allocating an average of $10,000 per unit using our proven Value Add program. Some interior renovations include stainless steel appliances, quartz countertops, a luxury shower package and a closet organizing system, just to name a few. With these renovations, we are targeting a rent premium of around $290 per month.
In terms of our business plan, we plan to improve credit repeal, correct the deferred maintenance of this asset. Some of these items include exterior paint throughout, new signage and rebranding, roof replacement and security perimeter fencing. In regards to the amenities of this asset, some of our improvements refreshing of the leasing office, upgrading the pool area, rejuvenating the dog park and adding in a sun deck lounge. On the income side, some of the additional income drivers that we're adding are implementing a washer dryer rental program, adding in a smart home technology package and implementing a water savings and leak detection program.
