fbpx
Founders Grove Capital

North Arlington Portfolio Update History

* North Arlington Portfolio consists of The Montgomery (formerly Midtown Crossing) and Ridge on Randol (formerly Chestnut Ridge)



September 2020

 

Occupancy improved at The Montgomery (88.9%) and Ridge on Randol (92.7%). Collections improved at The Montgomery (96.9%) and remained strong at Ridge on Randol (93.0%).

Distributions

We will be able to send the full distribution for The Montgomery. However, for the reasons outlined in the “Operations” section below, you will receive less than a full quarter’s worth of preferred return for Ridge on Randol this month. You will receive a 2% return for The Montgomery and a 1% return for Ridge on Randol.

This was a portfolio investment where 63.3% of your investment went towards Ridge on Randol and 36.7% went to The Montgomery. For a $100,000 investment, $63,300 went to Ridge on Randol and $36,700 went to The Montgomery. Therefore, if you invested $100,000, you will receive $1,367 ($633 for Ridge on Randol and $734 for The Montgomery) this month. The unpaid preferred return for Ridge on Randol will accrue and be paid out at a capital event.

The next quarterly distribution is scheduled for the end of January and will cover October, November, and December.

Financials

The Q3 financials (rent roll and trailing 12-month profit and loss statement) are now available on the Investor Portal. Login to your account to view by clicking here.

Operations

Current occupancy at The Montgomery improved to 90.4% (compared to 88.6% last month) and is trending 93.8% through the end of the month. Current occupancy at Ridge on Randol improved to 93.5% (compared to 91.0% last month) and is trending 95.9% through the end of the month.

We experienced an uptick in evictions of non-paying residents who did not qualify for the CDC eviction moratorium at Ridge on Randol. These are residents who had not made any payments or communication since spring and were unwilling to engage management in a COVID-19 payment deferral plan. We continue to work with and create payment plans for residents who have experienced COVID-19 related hardships. These evictions will show up as bad debt on the financials. However, these evictions will have a positive effect on collections since we reduced the number of non-paying and non-communicative residents.

Collections improved dramatically at The Montgomery. We collected rent on 96.9% of the occupied units last month (compared to 90.1% last month). Collections are Ridge on Randol remained the same at 93.0%.

Renovations

We renovated six new units at The Montgomery and four new units at Ridge on Randol since last month’s recap email.

At The Montgomery, we are exceeding our projected rents by an average of $24 on 28 upgraded unit leases over the past three months.

At Ridge on Randol, we are exceeding our projected rents by an average of $82 on 40 upgraded until leases over the previous three months.

Resident Activities

We are continuing to be creative with the themes of the resident appreciation events we are hosting to follow the social distancing guidelines. In October, these events will include:

  • Breakfast On The Run
  • Fall Door Décor
  • Homemade Pizza Party

August 2020

Collections are strong at both The Montgomery (90.1%) and Ridge on Randol (93.3%). Occupancy at Ridge on Randol (91.0%) is in the 90s but remains a challenge at The Montgomery (88.5%) due to COVID and is the focus of the dual-site manager Don.
 
Timing for Monthly Recap Email Update

Moving forward, the monthly updates will be sent out by the last Friday of the month. This will allow us to more closely align with internal operations while providing you with the information you need to stay updated on the property. 

Expect to receive the September Recap email by Friday October 30th.

Distributions

We plan on continuing to do quarterly distributions for this property to remain conservative. The next distribution will be going out by the end of October. We will let you know the amount of the next quarterly distribution in next month’s update.

Operations

Occupancy continues to be a challenge we are working through, mostly due to skips and unqualified applicants.

Occupancy is 88.5% at The Montgomery and is trending the same through the end of the month. Occupancy is 91.0% at Ridge on Randol and is trending 92.1% through the end of the month.
Collections are strong at both properties.

90.1% of rents on occupied units were collected in August at The Montgomery, which is an increase from the 87% collections rate in July. The collections rate at Ridge on Randol remained in the mid-90s at 93.3%. These rates will increase as residents on payment programs submit their rents this month.
However, earlier this month, the CDC issued an eviction moratorium effective from September 4th to December 31stClick here for article with more details on the moratorium.

Due to our above 90% collections rate, we are uncertain how the renewed moratorium will affect the operations. Nonetheless, after the CDC’s announcement, we immediately began working with our property management company to establish strategies to work within the guidelines of the moratorium while mitigating operational impacts.

In the meantime, our dual-site manager Don will focus on increasing occupancy at both properties. Don is a good dual-site manager and the properties being right next to each other provide us economies of scale pricing on expenses. If we went to two managers, it would increase costs for us. The drop in occupancy is solely due to skips relating to residents with large balances. We’re confident that that Don can get us back into the 90’s at The Montgomery.

Renovations

We are exceeding our rent projections on renovated unit leases at both properties.

At The Montgomery, we are beating our projected rents by $21 on the 20 upgraded unit leases over the past three months.

At Ridge on Randol, we are beating our projected rents by $62 on the 31 upgraded unit leases over the past three months.

Resident Activities

We are continuing to be creative with the themes of the resident appreciation events we are hosting to follow the social distancing guidelines. Click here for pictures from last month’s events.

In September, these events will include:

  • Fresh Produce & Fruit Salad Stand
  • Breakfast On The Go
  • Cookbook Recipes

July 2020

Operations remained strong at The Montgomery and Ridge on Randol. Occupancy is above 90%, collections are high, and we are exceeding our projected rents on new upgraded unit leases at both properties.

Distributions

Last month, you received a quarterly distribution for The Montgomery and Ridge on Randol. You received a full quarter’s worth of preferred return for The Montgomery but not for Ridge on Randol. The unpaid preferred return for Ridge on Randol will accrue and be paid out at a capital event or when the property’s cash flow allows for it. We will let you know by October, which is the next scheduled quarterly distribution, if we will transition back to monthly distributions.

Operations

Collections remained strong at The Montgomery (94% in July) while we are still collecting rent from residents on repayment plans at Ridge on Randol (87% collections rate so far for July). Our dual-site manager, Don, and his team have kept occupancy above 90% at both properties.

At The Montgomery, current occupancy is 91.8% and preleased occupancy is 91.4%.

At Ridge on Randol, current occupancy is 92.8% and preleased occupancy is 94.4%.

Their efforts towards improving the occupancy rate are still in progress. We are seeing an increase in traffic and applications every week, so we expect to get back to 94% to 95% occupancy shortly.

Renovations

We are continuing to upgrade units as they become vacant. We are exceeding our projected rents at both properties.

At The Montgomery, we are beating our projected rents by $3 on all upgrade unit leases. We are also beating our projected rents by $14 on the 19 upgraded units leased over the previous three months.

At Ridge on Randol, we are beating our projected rents by $73 on all upgrade unit leases. We are also beating our projected rents by $60 on the 38 upgraded units leased over the previous three months.

Resident Activities

We are continuing to be creative with the themes of the resident appreciation events we are hosting to follow the social distancing guidelines. In August, these events will include:

  • Pet Glamour Shots
  • Breakfast On The Run
  • Free Yoga Classes

June 2020

The operations at The Montgomery and Ridge on Randol have been affected by the coronavirus pandemic, as well as a recent change to how we screen prospective residents. However, things are beginning to turn around. Collections remained strong and occupancy is trending over 95% at both locations through the end of the month.

Here are updates on what we’ve done at The Montgomery and Ridge on Randol over the previous 30 days:

Distributions

As a reminder, we decided to temporarily transition from monthly distributions to quarterly distributions at The Montgomery and Ridge on Randol. We also decided to temporarily suspend collecting our asset management fees.

We will be sending out the regular distribution for The Montgomery of 2% this quarter. However, we have decided to remain conservative on Ridge on Randal and will be sending out 1% this quarter. As a reminder, your annual preferred return of 8% on Ridge will accrue and you will be caught up on this when practical to do so. Therefore, you will receive the full prorated 8% preferred return for The Montgomery (i.e., 2% for the quarter) and a 1.0% return for the Ridge on Randol.

This was a portfolio investment where 62.96% of your investment went towards Ridge on Randol and the remaining 37.04% went to The Montgomery. For a $100,000 investment, $62,960 went towards Ridge on Randol and $37,040 went to The Montgomery. So, if you invested $100,000, for example, you will receive $1,370.40 ($629.60 for Ridge on Randol and $740.80 for The Montgomery) by the end of the month. The unpaid preferred return for Ridge on Randol will accrue.

The next distribution is still scheduled for the end of October. It will cover July, August, and September. We will have a better understanding of how the pandemic has affected The Montgomery and Ridge on Randol by then and will decide if we can transition back to monthly distributions or if that needs to be extended.

Financials

As a reminder, we now upload the quarterly financials to the investor portal. If you already set up your account, you can immediately download the Q2 2020 financials (rent roll and 12-month profit and loss state) by logging into the portal by clicking here.

Operations

Collections were very strong in June for both properties – around 90% at both properties. Occupancy continues to be a challenge but we made big strides in June for the same reasons outlined in last month’s recap.

Traffic and overall applications at both sites are increasing more and more at both properties every week. Additionally, our actual expenses are in-line with our initial projections, which helps our net operating income.

We have a very dedicated dual-manager and onsite team at both properties and are confident in their ability to achieve an occupancy rate in the mid-90’s, as well as continue the trend of strong collections.

Renovations

We are continuing to move forward with interior renovation projects.

At The Montgomery, our actual rents on all upgraded units are now meeting our projections. Over the previous three months, 22 upgraded units were leased at an average of $6 above our projections.

At Ridge on Randol, our actual rents on all upgraded units are exceeding projections by an average of $54. Over the previous three months, 35 upgraded units were leased at an average of $57 above our projections.  

Resident Activities

We are continuing to be creative with the types of resident appreciation events we are hosting to follow the social distancing guidelines. In July, these events will include:

  • Patio Contest
  • Pet Treat Day
  • Walk & Water Event 

 

May 2020

 

 

The operations at The Montgomery and Ridge on Randol have been affected by the coronavirus pandemic, as well as a recent change to how we screen prospective residents. Collections have been strong at both properties, but occupancy has suffered due to skips and a large number of denied applications.

However, we are continuing to focus on preserving your capital investment and are implementing solutions to quickly increase our lagging occupancy rate.

Here are updates on what we have done at The Montgomery and Ridge on Randol over the previous 30 days to preserve your capital investment and increase occupancy.

 

Distributions

As a reminder, we decided to temporarily transition from monthly distributions to quarterly distributions at The Montgomery and Ridge on Randol. We also decided to temporarily suspend collecting our asset management fees.

The next distribution is still scheduled for the end of July. It will cover April, May, and June. In July, we should have a better understanding of how the pandemic has affected The Montgomery and Ridge on Randol and will decide if we can transition back to monthly distributions or if that needs to be extended.

Friendly Reminder:  We still have some investors who have not logged into the investor portal, and some who still need to add or update their information. If you have not done so already, we would like to remind you to please log in to the investor portal and complete your profile information, as well as review and/or update your payment information. It is very important to complete the appropriate steps in order to continue to receive your distributions to your preferred location. Please click here for the instructions. If you have not received your invitation or it recently expired, and you need it re-sent, please contact InvestorRelations@ashcroftcapital.com (DO NOT create a new profile, as it will not connect you to your investments already in the system). If you have already logged in and would like to be taken directly to the portal click here.  

 

Operations

Collections were very strong in May for both properties. The main challenge is occupancy.

In March, occupancy dipped from the mid-90’s to high-80’s due to a rash of evictions (in March) and coronavirus-related skips (in April). Our staff has focused on recovering occupancy ever since.

Additionally, in January, we rolled out a new screening software called CoreLogic. CoreLogic is much better than what we were using before. However, due to its increased ability to spot fraudulent information on renter applications and the renter demographic in the surrounding areas, CoreLogic continues to produce a large number of denied applications. This has made returning to mid-90% occupancy more difficult. However, we are confident that we are rebuilding our occupancy rate with more qualified residents, which is reflected by collections.

Current occupancy is 89.94% and 92.98% and preleased occupancy is 95.2% and 94.7% at The Montgomery and Ridge on Randol respectively. Traffic and overall applications are increasing more and more at both properties every week.

Additionally, our actual expenses are in-line with our initial projections, which helps our net operating income.

We have a very dedicated dual-manager and onsite team at both properties and are confident in their ability to achieve and maintain a 90%+ occupancy rate, as well as continue the trend of strong collections.

 

Renovations

We are continuing to move forward with interior renovation projects.

At The Montgomery, our actual rents on all upgraded units are below projections by an average of $16. However, over the previous three months, 22 upgraded units were leased at an average of $11 above our projections.

At Ridge on Randol, our actual rents on all upgraded units are exceeding projections by an average of $41. Over the previous three months, 35 upgraded units were leased at an average of $42 above our projections.  

 

Resident Activities

We are continuing to be creative with the types of resident appreciation events we are hosting to follow the social distancing guidelines. In June, these events will include:

  • Canned Food Drive
  • Father’s Day Card Children’s Activity
  • Breakfast-On-The-Go

 


 

April 2020

 

 

We have continued to focus on the preservation of your capital investment during the coronavirus pandemic.

Here are some updates on The Montgomery and Ridge on Randol over the previous 30 days:

Distributions

We have temporarily transitioned from monthly distributions to quarterly distributions. This proactive measure will give us time to assess how the pandemic has affected The Montgomery and Ridge on Randol, allow us to remain conservative and help us better preserve your capital investment.

Therefore, the next distribution is scheduled for the end of July. It will cover April, May, and June. In July, we should have a better understanding of how the pandemic has affected The Montgomery and Ridge on Randol and will decide if we can transition back to monthly distributions.

 

Friendly Reminder:  We would like to remind all investors who have not yet logged in to the Investor Portal and completed their profile information, as well as reviewed and/or updated their payment information to do so. It is important to complete the appropriate steps in order to continue to receive your monthly distributions to your preferred location. Please click here for the instructions. If you have not received your invitation or it recently expired, and you need it re-sent, please contact InvestorRelations@ashcroftcapital.com. If you have already logged in and would like to be taken directly to the portal Click here.  

 

Operations

Due to social distancing and stay-at-home orders, we are continuing to offer virtual tours and YouTube video unit walk throughs for prospective residents.

 

Resident Activities

We are also continuing to be creative with the types of events we are hosting for the residents to promote engagement of residents, as well as social distancing. In May, these events include:

  • Community Cookbook Recipes on Facebook
  • Virtual Talent Show
  • Spring Patio Contest

 


 

 

March 2020

 

 

Distributions

One major area of focus has been rent collections. We have made arrangements with some of the residents who are facing a coronavirus-related hardship at The Montgomery and Ridge on Randol to pay their rent by the 25th. Therefore, I will send another email on the 27th with an update on the status of collections and if we feel we need to defer distributions based on how the resident base is impacted. However, our breakeven occupancies are 71.4% and 76.7% for The Montgomery and Ridge on Randol respectively. This means we will be able to cover all expenses, and conserve your investment, at an occupancy rate that is 71.4% and 76.7% or higher.

 

Operations

While our leasing traffic has slowed down, we are offering virtual tours and creating YouTube videos of unit walkthroughs. Click here for a sample virtual tour at The Montgomery and click here for a sample virtual tour at Ridge on Randol.

We continue to move forward with numerous construction projects, making sure that job safety is the number one priority. In fact, it is a great time to move forward with these projects with minimal disruption to our residents. We renovated 4 and 11 new units in March at The Montgomery and Ridge on Randol respectively.

We are instituting a “Hero of the Month” and “Hero of the Week” program that honors our essential workers whose dedication and hard work are nothing short of inspiring.

We applied and were approved for the Paycheck Protection Program, which should allow us to significantly reduce our payroll expense.

We are actively monitoring and complying with Texas guidance on eviction proceedings as well as complying with new standards from our lenders.

Everyone at The Montgomery and Ridge on Randol are adapting quickly to this new reality.

 

Residents

Our operational goals are always to meet and exceed residents’ standards and their safety and happiness is our mission. During these challenging times, we’ve constantly provided local and national resources for our most impacted residents. These include local housing organizations, churches, and food banks.

Since our gym and common areas are closed, we are hosting resident events that promote social distancing. In April, these include:

  • Delivered sweets and treats to employees
  • Delivering April birthday cards
  • Spread the Love with sidewalk chalk available to our residents

 

Financials

Since we have now successfully rolled out the Investor Portal, the quarterly financials will be available for download off of the Investor Portal. We will upload Q1 2020 financials (a current rent roll and trailing 12-month profit and loss statement) by the end of April.

If you have already logged in and would like to be taken directly to the portal Click here.  If you have not received your invitation or it recently expired, and you need it re-sent, please contact chat@ashcroftcapital.com  In order to expedite any future or previous distribution requests changes, you must log in to the portal and add your complete profile information in order to make any changes to your payment information. Without doing so, the system will not allow it. If you need help navigating through the portal you may contact IMS support at 855-866-0889. Please click here to view the investor portal FAQ document.

 

I am proud to be your investment partner and look forward to working through today’s challenges together. I hope that you and your family are well.


 

 

February 2020

 

As a reminder, we launched the new Ashcroft Capital Investor Portal. You should have received an invitation already. If you didn’t, please check your spam folder. If it isn’t in your spam folder, please let us know by emailing chat@ashcroftcapital.com. 

If you haven’t done so already, please login and confirm that your personal information is accurate. If not, please make sure that you update it by adding all your current information as well as updating payment information. If we need to make any changes to any of your deal information only, please let us know by emailing chat@ashcroftcapital.com. You can read and review the FAQ page by clicking here.

Starting on May 1st, you will be able to download a statement showing all the distributions that you’ve received to date.

Also, we will upload your 2019 K-1 tax document to the new investor portal by March 31st. You will be notified via email once it is available. We do not have a specific date other than to say that it will be available no later than March 31st

Things are continuing to go well as we implement our value-add business plans at The Montgomery and Ridge on Randol.

 

Montgomery

We are beating our projected rents by $30 for all newly-renovated unit leases

The following resident appreciation and retention events are being/were hosted in March:

    • Renewal Gathering – March 5th

    • St. Patty Irish Refreshments – March 17th

    • MLB Opening Day Watch Party – March 29th

 

Ridge on Randol

We are beating our projected rents by $50 for all newly-renovated unit leases

The following resident appreciation and retention events are being/were hosted in March:

    • Renewal Gathering – March 5th
    • St. Patty Irish Refreshments – March 17th

    • MLB Opening Day Watch Party – March 29th

 

In related news, Dallas-Fort Worth ranked 2nd out of all major US cities in the forecasted net migration in 2020 by Marcus and Millichap. Dallas-Fort Worth is expected to have a net migration of 69,600 people in 2020, which is 0.9% of its population. This is great news and reinforces our thoughts on the continued demand for multifamily housing in the market. Click here to learn more.

 


 

January 2020

 

Things are continuing to go well as we implement our value-add business plan at the Montgomery and the Ridge on Randol.

 

I am excited to announce that my partner, Ashcroft Capital, will be launching a new Investor Portal, which is designed to improve communication and engagement with you, our partner. When the portal is officially launched, I will send you an email with instructions on how to login, as well as an FAQ guide about how to use the portal.

Also, we will upload your 2019 K-1 tax document to the new investor portal by March 31st. You will be notified via email once it is available. We do not have a specific date other than to say that it will be available no later than March 31st. The IRS revised the 2019 K-1 to require additional information for all partners investing with a disregarded entity (i.e., a single-member LLC). If you are investing with us with a single-member LLC, please fill out this AdobeSign document by clicking here.

The Montgomery

 

We are beating our projected rents by $24 for all newly-renovated unit leases. Our occupancy rate has increased for the third straight month to 94.2% (up from 93.8% last month) 

 

The following resident appreciation and retention events are being/were hosted in February:

    • Hot Chocolate Bar – February 2nd
    • Candy Heart & Chocolate Boxes Raffle – February 10th
    • Valentine Candy Grams – February 14th

 

Ridge on Randol

 

We are beating our projected rents by $50 for all newly-renovated unit leases.

The following resident appreciation and retention events are being/were hosted in February:

    • Hot Chocolate Bar – February 2nd
    • Candy Heart & Chocolate Boxes Raffle – February 10th
    • Valentine Candy Grams – February 14th

 

In related news, according to the most recent Bureau of Labor Statistics economic data, Texas added more jobs in 2019 than any other state. Additionally, the Dallas-Fort Worth-Arlington MSA was the #2 ranked market in the number of new jobs added in 2019. In fact, the number of new jobs added in 2019 outpaced the total number of jobs added in 40 out of 50 states. Click here to learn more .

 


 

December 2019

 

You can download the quarterly financials (rent roll and profit and loss statement) for The Montgomery by clicking here and for Ridge on Randol by clicking here.

 

The Montgomery 

 

We are beating our projected rents by $9 for all newly-renovated unit leases

The following resident appreciation and retention events are being/were hosted in January:

    • Breakfast On The Go – January 10th
    • Winter Coat Drive – January 17th
    • Renewal Party – January 18th

 

Ridge on Randol

 

We are beating our projected rents by $59 for all newly-renovated unit leases.

The following resident appreciation and retention events are being/were hosted in January:

    • Breakfast On The Go – January 10th
    • Winter Coat Drive – January 17th
    • Renewal Party – January 18th

Lastly, click here for a news article that reinforces our thoughts on the continued strength of multifamily housing. According to data compiled by Deutsche Bank, the median age of US homebuyers is now 47. For comparison, the median age of US homebuyers in 1981 was 31. Much of this rise can be attributed to the extreme reduction in young, first-time homebuyers in the housing market. This means more and more people will be renting rather than buying.


 

November 2019

 

Things are continuing to go well as we implement our value-add business plans at The Montgomery and the Ridge on Randol.

 

The Montgomery

 

We are beating our projected rents by $15 for all newly-renovated unit leases.

The following resident appreciation and retention events are being/were hosted in December:

    • Toys For Tots – December 1st to 5th
    • Gift Wrapping Station – December 13th to 21st
    • Hot Cocoa, Pies, and Fruit Cakes – December 23rd

 

Ridge on Randol

 

We are beating our projected rents by $51 for all newly-renovated unit leases.

The following resident appreciation and retention events are being/were hosted in December:

    • Toys For Tots – December 1st to 5th
    • Gift Wrapping Station – December 13th to 21st
    • Hot Cocoa, Pies, and Fruit Cakes – December 23rd

In related news, corporate relocation site selection expert explained why Fortune 500 companies are moving their headquarters from California, New York, New Jersey, and Connecticut to states like Florida and Texas. One of the main reasons is that the pro-business policies, low taxes, and fiscal restraint will enable Florida and Texas to “best weather the storm of an economic downturn.” Click here to read more.

 


 

October 2019

 

Things are continuing to go well as we implement our value-add business plans at The Montgomery and Ridge on Randol.

 

The Montgomery

 

We are continuing to achieve our projected rents for all newly-renovated unit leases.

The following resident appreciation and retention events are being hosted in November:

    • Cute Pie Pet Content
    • Pet Food Drive
    • Mini Pumpkin Pies For Thanksgiving

 

Ridge on Randol

 

We are beating our projected rents by $44 for all newly-renovated unit leases.

The following resident appreciation and retention events are being hosted in November:

    • Cute Pie Pet Content
    • Pet Food Drive
    • Mini Pumpkin Pies For Thanksgiving

In related news, Sally Beauty Supply is creating more than 300 new jobs at a new distribution center and headquarters in Fort Worth. In addition to hiring for 40 new positions at its headquarters, they are building a 500,000-square-foot automated distribution center that’s expected to open in March and create 270 new jobs. Click here to learn more.

 


 

September 2019

 

Please download the quarterly financials (current rent roll and profit and loss statement) for The Montgomery and for Ridge on Randol.

 

The Montgomery 

 

We are continuing to achieve our projected rents for all newly-renovated unit leases.

The following resident appreciation and retention events are being/were hosted in October:

    • Pumpkin Picture Nights – 10/7 to 10/11
    • Pumpkin Paint Night – 10/17
    • Trick-or-Treat-In-The-Clubhouse – 10/31

 

Ridge on Randol

 

We are beating our projected rents by $40 for all newly-renovated unit leases.

The following resident appreciation and retention events are being/were hosted in October:

    • Pumpkin Picture Nights – 10/7 to 10/11
    • Pumpkin Paint Night – 10/17
    • Trick-or-Treat-In-The-Clubhouse – 10/31

 


  •  

August 2019

 

The Montgomery

 

As a reminder, due to The Montgomery performing above and beyond our initial projections during our first full year of ownership, you received a higher distribution last month. We projected an 8% return but were able to distribute 8.25%. As a result, you received the same 8% annualized plus an extra 0.25% last month. For example, if you invested $100,000, you received $916.67 ($666.67 + $250).

Congrats again on a successful first year. We will reevaluate the performance again in another 12 months and distribute extra profits at that time, if applicable.

We are continuing to achieve our projected rents for all newly-renovated unit leases.

  • The following resident appreciation and retention events are being/were hosted in September:
    • National Cheese Dip Day Queso Bar – 9/5
    • Ice Cream Sundae Bar – 9/14
    • Resident Health Fair – 9/21

Occupancy and Unit Details: 

 

Ridge on Randol

 

We are now beating our projected rents by over $51 for all newly-renovated unit leases.

  • The following resident appreciation and retention events are being/were hosted in September:
    • National Cheese Dip Day Queso Bar – 9/5
    • Ice Cream Sundae Bar – 9/14
    • Resident Health Fair – 9/21

Occupancy and Unit Details: 

July 2019

 

The Montgomery

 

We are continuing to achieve our projected rents for all newly-renovated unit leases.

The following resident appreciation and retention events are being/were hosted in August:

    • Ice Cream by the Pool – 8/10
    • Resident Breakfast – 8/17
    • Renewal Party – 8/23

 

Ridge on Randol

 

We are beating our projected rents by over $22 for all newly-renovated unit leases.

The following resident appreciation and retention events are being/were hosted in August:

    • Ice Cream by the Pool – 8/10
    • Resident Breakfast – 8/17
    • Renewal Party – 8/23

The four biggest Texas metro areas, including DFW, surpassed the total number of tech workforce in the traditional tech strongholds of Silicon Valley and New York City. Combined, the four metros have 367,460 tech workers compared to 353,760 in New York and 264,374 in Silicon Valley. According to CoStar analysts, the lower cost of living in Texas is responsible for this surge in the tech labor pool, which is great news for the DFW and Texas market as a whole. Click here to learn more.

 


 

June 2019

The Montgomery

The following resident appreciation and retention events have been hosted or are scheduled in July:

    • Pizza Party: 7/11
    • Nacho Bar: 7/18
    • National Cheesecake Day – Cheesecake Bar: 7/30

Ridge on Randol

The following resident appreciation and retention events have been hosted or are scheduled in July:

    • Pizza Party: 7/11
    • Nacho Bar: 7/18
    • National Cheesecake Day – Cheesecake Bar: 7/30

In related news, the State of Texas topped WalletHub’s annual report on the best and worst states to start a business in 2019. The states were compared across 26 key indicators and were ranked based on business environment, access to resources, and business costs. This reinforces our thoughts on the continued strength of our submarkets within the state of Texas. Click here to learn more.

 


 

May 2019

The Montgomery

The following resident appreciation and retention events have been hosted or are scheduled in June:

    • Frito Pie Bar: 6/7
    • Pool Party: 6/14
    • Nacho Bar: 6/21
    • Movie Night: 6/27

Ridge on Randol

The following resident appreciation and retention events have been hosted or are scheduled in June:

    • Frito Pie Bar: 6/7
    • Pool Party: 6/14
    • Nacho Bar: 6/21
    • Movie Night: 6/27

In related news, the state of Texas added more jobs year-over-year than any other state (283,000 jobs, which is a 2.7% job growth). Also, Texas added 26,900 new jobs in April, marking the 108th consecutive month of job growth. Click here to learn more.

 


 

April 2019

 

The Montgomery

We are exceeding our projected rents by $8 for all newly-renovated unit leases.

The following resident appreciation and retention events have been hosted or are scheduled in May:

    • Nacho Bar: 5/3
    • Cracker Jacks and Ranger Tickets Giveaway: 5/10
    • Frito Pie Dinner: 5/17
    • Hotdog Cookout: 5/24

 

Ridge on Randol


We are achieving our projected rents for all newly-renovated unit leases.

The following resident appreciation and retention events have been hosted or are scheduled in May:

    • Nacho Bar: 5/3
    • Cracker Jacks and Ranger Tickets Giveaway: 5/10
    • Frito Pie Dinner: 5/17
    • Hotdog Cookout: 5/24

In related news, in HFF’s monthly MSA employment report, Dallas-Fort Worth ranked 2nd in the nation in total new jobs and percent job growth, and was one of only two MSAs to add more than 100,000 jobs. Click here to learn more.

 


 

March 2019

 

The Montgomery


We are achieving our projected rents for all newly-renovated unit leases.

The following resident appreciation and retention events are being hosted in April:

    • Take Me Out to the Ballgame – Hot Dogs & Popcorn: 4/12
    • Nacho Day: 4/19
    • Cracker Jack and Peanut Day: 4/25

Ridge on Randol


We are achieving our projected rents for all new renovated unit leases.

The following resident appreciation and retention events are being hosted in April:

    • Take Me Out to the Ballgame – Hot Dogs & Popcorn: 4/12
    • Nacho Day: 4/19
    • Cracker Jack and Peanut Day: 4/25

 


 

February 2019

The Montgomery

Ridge on Randol

  • Our occupancy has increased for the second straight month to 92.0% (up from 87.6% last month) and preleased occupancy is 93.3%
  • Since acquiring Ridge on Randol, we have renovated a total of 63 of 208 units and renovations are in progress on 5 additional units
  • We are continuing to achieve our projected rents for all new renovated unit leases
  • We also offered a Nacho Bar to our residents on 3/8

In related news, AllianceTexas development, the 26,000-acre commercial, industrial, and residential community in Fort Worth, has recently hit the halfway mark. To date, it has generated more than $76 billion in economic growth, including more than $7 billion last year. Currently, more than 61,000 Texans work for nearly 500 companies within the AllianceTexas development, which will only increase in the coming years. Click here to learn more.

You should have already received your 2018 Schedule K-1 (Form 1065), which covers both The Montgomery and Ridge on Randol, in the mail and via email. If you have not, please let us know by emailing info@ashcroftcapital.com

 


 

January 2019

The Montgomery

  • The current occupancy rate is 91.4% and preleased occupancy is 91.8%
  • Since acquiring The Montgomery, we have renovated a total of 43 of 208 units
  • We are continuing to get our projected rents on all new renovated unit leases
  • Resident appreciation parties
    • We hosted a Breakfast-On-The-Go last week
    • A Valentine’s Day dessert party is scheduled on 2/14
    • A pizza party is scheduled on 2/15

Ridge on Randol

  • Our occupancy rate has increased to 87.6% (up from 85.7% last month) and prelease occupancy is 87.0%
  • We have increased our marketing outreach by implementing Knock Marketing, an online platform that will increase our web presence and our lead traffic
  • We have renovated a total of 63 of 356 units since acquiring Ridge on Randol
  • We are getting our projected rents on all new renovated unit leases
  • We are hosting/hosted the same resident appreciation parties at the Ridge on Randol
    • Breakfast-On-The-Go last week
    • Valentine’s Day dessert party 2/14
    • Pizza party 2/15

Brookings recently released migration data from the US census to identify major metros that attracted Millennials (ages 25 to 35) and Dallas-Fort Worth was ranked number 3 in the country with an average net migration of 12,665 per year between 2012 and 2017. This data reinforces our thoughts on the continued strength and demand in the DFW market. Click here to read more.

 


 

December 2018

The Montgomery

  • Our occupancy rate has increased for the second straight month to 91.4% (up from 89.9% last month)
  • Preleased occupancy is 92.3%
  • We have renovated a total of 43 of 208 units since acquiring The Montgomery (6 new units in December)
  • We are continuing to demand our projected rents on all new renovated unit leases.
  • As a part of our value-add business plan, we have rebranded the property to The Montgomery – We have had previous success with this sort of rebranding on the majority of the properties in our portfolio
  • Signage: Most of the new signage has been installed and the remaining signage is scheduled for installation
  • Exterior paint: Completed

Ridge on Randol

  • Current occupancy is 85.7% and preleased occupancy is 86.5%
  • Since acquiring the Ridge on Randol, we have renovated a total of 63 of 356 units
  • We are now beating our projected rents by $20 on all new renovated unit leases
  • We also rebranded this property to Ridge on Randol
  • Parking lot: Restriping has been rescheduled due to continued inclement weather
  • Exterior paint: Completed

A record number of companies left California for states with a better business climate, and a new report shows that Texas remains the number one destination. According to the study, 1,800 companies left California in 2016 (the most recent year data is available for), which is a 9-year high, and 299 of those companies moved to Texas. Click here to read more.


November 2018

The Montgomery

  • Our occupancy rate has increased to 89.9% (up from 86.1% last month) and preleased occupancy is 88.9%
  • Since acquiring Midtown Crossing, we’ve renovated a total of 37 of 208 units
  • We are continuing to achieve our projected rents on all new renovated unit leases
  • Exterior paint: scheduled to be completed by next week

Ridge on Randol

  • Our occupancy rate has increased to 86.5% (up from 85.7% last month) and preleased occupancy is 84.9%
  • We have renovated a total of 70 of 356 units since acquiring Chestnut Ridge (18 units in November)
  • We are continuing to achieve our projected rents on all new renovated unit leases
  • Parking lot: repairs are completed and restriping is to be scheduled as it has been delayed due to weather
  • Building carpentry, siding, and trim repairs: completed
  • Dumpster enclosures: wood replacement is completed, painting is scheduled

October 2018

The Montgomery

  • Current occupancy is 86.1% and preleased occupancy is 90.4%
  • Our marketing efforts are paying off as we secured 6 new leases from 7 applicants last week.
  • Once our occupancy rate is 90%, we will have a much more improved demographic at Midtown Crossing.
  • We have renovated a total of 37 of 208 units since acquiring Midtown Crossing (5 new units in October)
  • We are continuing to achieve our projected rents on all new renovated units.
  • Capital improvement projects:
    • Exterior: Siding, trim, and stair repairs have been completed
    • Clubhouse: Renovations have been completed
    • We are cleaning out the old maintenance shop and converting it to a rentable unit

Ridge on Randol

  • Current occupancy is 86.8% and pre-leased occupancy is 87.6%
  • We have renovated a total of 9 units since acquiring Chestnut Ridge and another 34 units (356 total) are in the process of being renovated
  • We are continuing to achieve our projected rents on all renovated units
  • Capital improvement projects:
    • Building repairs: The carpentry, siding, and trim repair projects are completed
    • Exterior paint: The prep for 8 buildings is in progress
    • Dumpster enclosures: In progress
    • Parking lot: Repairs are completed and restriping will be scheduled
    • Water conservation project: Completed