Posted 29 July 2011 - 10:51 AM
FYI, All, I am scheduled to close today on 15 condos on Junction Street which comes off Razorback Road about a half mile from the University Ball Park. I am purchasing 15 of 16 units--one sold in late 2007--and the rest are either rented or will be. These are about four years old--very bare bones brick and vinyl exteriors--and have over 1500 sq feet of heated and cooled space plus small one car garages. Each is a three bed, 2.5 bath unit and less than four years old.
We have big plans for thse units and will upgrade this whole development. We are going to replace all vinyl siding with cedar shingles (l love 'em), add custom painted wooden shutters on all front and side windows, put awnings or trellises over the garage doors, install awnings over the rear doors, install gutter and downspouts all around, paint the doors and garage doors forest green, install new rail systems on decks. install new exterior lighting, install new signs on each unit, relandscape the whole thing (never had topsoil), build a new entrance, and rename the project "University Junction." Curent rental rates are $850 a month but will probably go up as the units are refreshed in and out. Some may also be available for sale at very affordable prices.
I'm excitied about this project. It is a different type of residential development for us in a totally different area and price range, but I think the market will respond to our cosmetic upgrades over there and predict this thing will be a success!
Mark