We are thrilled to announce that cash-out refinance of Valencia at Medical Apartments at a fixed agency interest rate of 4.93%. This is a fantastic achievement that we are extremely proud of and we cannot wait to share this news with you.
Over the past three years, we have worked tirelessly to increase the Net Operating Income (NOI) of the property by $1 million, which is a staggering 78% increase. This is a testament to our team’s dedication and expertise in value-add, and we are thrilled to see such fantastic results.
This particular refinance was particularly tricky, given the market volatility and our tight timeline before the new appraisal value came out. However, thanks to the hard work of our team and the support of our partners, we were able to successfully navigate these challenges and achieve this incredible outcome.
Finally, we would like to extend our congratulations to our investors. This $32M deal was found through leveraging relationships with the Multifamily Investors Facebook Group.
Congratulations to Valencia Investors. Thank you for your continued support and trust in Achieve Investment Group. We look forward to sharing more exciting news with you in the future.
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Industry News & Updates
Apartment Investment Sales Will Rebound in Time
Given the overall economic climate, the stats could hardly be deemed surprising.
According to a preliminary report by CoStar Group that was recently outlined in the Wall Street Journal, apartment investment sales totaled $14 billion in the first quarter of this year. The figure represents a whopping 74% decline from the first quarter of 2022.
The Changing Tides of Lease Renewal Improvement in Multifamily
Multifamily operators are looking for new ways to retain their current residents when leases expire, and they’re turning to technology to provide automation and hyper-personalization. Some focus should be placed on retaining residents before they even move in, and technology allows this process to begin at the first sign of interest.
Life of an apartment operator. A dog was rescued after a fire in one of our apartments in San Antonio. (Click to watch the full action)
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