Property Description

Built in 1973, Hillcrest is a Class C property consisting of 138 units. The property was significantly under performing in the local market, primarily due to underachieved management. Although the property was well maintained, resident requested maintenance is not operated promptly which has created tenant dissatisfaction. The property was 90% occupied at time of acquisition in a market that is typically 92% or higher for Class C properties. Market analysis has demonstrated that rents can be increased by $50-$100 to achieve market levels through a capital improvement program of $2.9K per unit.