100 INVERNESS

PROPERTY INFORMATION

  • Birmingham, Alabama
  • 322 Unit
  • Built 1974 / 1979
100Inverness-5
100Inverness-4
100Inverness-3
100Inverness-2
100Inverness-1
SUMMARY
  • Project Size: $38,250,000
  • Equity: $15,600,000
  • Loan: $22,650,000
AMENITIES
  • Recently Renovated Workout Facility
  • Lake Front Extensive Deck
  • 2 Sparkling Swimming Pools
  • Affluent Lake Frontage
  • Multiple Tennis Courts
  • Golf Course Frontage
  • Clothes Care Facility
  • Playground
FEW HIGHLIGHTS
  • Over 3.5 years of interest only remaining on the loan after we close on 100 Inverness.
  • The current interest rate which has no ability to change is set at 3.83%.
  • Rehab amount of $2,163,400 is unfinanced giving us maximum flexibility to readjust the allocations during ownership.
  • 67.81% will be the approximate leverage obtained
BUSINESS PLAN
INCREASE INCOME
  • Upgrade 161 Units
  • Paint Cabinets
  • Resurface Counters
  • Appliance Package
  • Decrease Loss to Lease
  • Rub Back a Larger Portion of the Utilities
EXTERIOR CAPITAL IMPROVEMENTS
  • Tree Trim to Allow Maximum Use of Beautiful Scenery
  • Improve Physical Appearance
  • Improve Resident Activity Area
  • Improve Exterior Lighting
  • Improve Signage
  • Repurpose Tennis Courts
  • Tree Trimming
  • Lake Clean Up
TAX SAVINGS
  • We will be taking advantage of a cost segregation study and bonus depreciation to maximize tax savings. Bonus depreciation will be applied to the year 2021.
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