October 2021
Western Station
Western Station is under contract to sell December 1, with an extension through December 21. We are grateful for your partnership in this deal. This deal will create an approximate annualized cash-on-cash return of 20.1% and generate a 1.56 equity multiple for the sale proceeds alone. For example, if you invested $100,000 you will receive approximately $156,000.
At Western Station, occupancy is at 96.0%, and collections are at 95.3%.
Distributions
We will continue to send monthly distributions, which will be sent out by the end of the month.
Operations
Current occupancy is at 96.0% (compared to 97.0% in September), and preleased occupancy is higher at 97.0%. Collections increased to 95.3% in October (compared to 92.9% in September).
No new units were renovated in October and a total of 180 units have been renovated since acquisition. On new leases signed over the past two months, the average rental rate exceeded projections by $176.
September 2021
Western Station
At Western Station, occupancy is at 97.0% and collections are at 92.9%.
Distributions and Financials
We will continue to send monthly distributions, which will be sent out by the end of the month.
The Q3 Financials (rent roll and trailing 12-month profit and loss statement) are now available on the Investor Portal. Log in to your account to view by clicking here.
Operations
Current occupancy increased to 97.0% (compared to 96.0% in August), and preleased occupancy is higher at 99.5%. Collections were at 92.9% in September (compared to 94.7% in August).
No new units were renovated in September and a total of 180 units have been renovated since acquisition. In previous updates there were units reported that were contracted for upgrade, but the work had not yet commenced. Some units have been removed from the pipeline and therefore the count has decreased. Going forward, we will only be reporting units that have either been completed or are truly in progress.
On new leases signed over the past two months, the average rent rate exceeded projections by $142.
August 2021
At Western Station occupancy is 96.0% and collections are 94.7%.
Distributions
Monthly distributions were sent out yesterday with the accompanying email notification.
Operations
Current occupancy is 96.0% (compared to 93.5% in July), and preleased occupancy remains high at 99.5%. Collections were 94.7% in August (compared to 96.8% in July).
In the month of August, average rents over the past two months exceeded projections by $116.
July 2021
At Western Station occupancy is 96.5% and collections are 96.8%.
Distributions
We now feel confident to return to monthly distributions at the full 8% annualized rate, beginning with July’s distribution, to be sent by the end of the month.
Operations
Current occupancy increased to 96.5% (compared to 95.5% in June), and preleased occupancy remains high at 97.0%. Collections increased to 96.8% in July (compared to 95.5% in June). We renovated 18 units in July for a total of 198 since acquisition. Over the past two months average rents have exceeded projections by $99.
June 2021
Occupancy increased to 95.5% and collections are 95.5% at Western Station.
Distributions and Financials
The Q2 2021 distribution is set for 2% and will be sent out by the end of the month.
The Q2 Financials (rent roll and trailing 12-month profit and loss statement) are now available on the Investor Portal. Log in to your account to view by clicking here.
Operations
Current occupancy is 95.5% (compared to 94% in May) and preleased occupancy remains high at 99.5%. Collections also increased to 95.5% in June (compared to 92.6% in May).
With high occupancy rates, no unrenovated units came available. As a reminder, we have renovated 177 units since acquiring Western Station. Additionally, renovated units are leased at 96.1%. Over the past two months average rents exceeded projections by $47. Moreover, in the month of June, recent rents surpassed projections by $87.
May 2021
Occupancy (94%) is trending in the mid-90s while collections remain steady at 92.6% over the past two months.
Distributions
The next distribution is scheduled for the end of July. We will let you know in the June Recap email what the new the distribution amount will be.
Operations
Current occupancy is 94% and preleased occupancy has increased to 95.9%. Collections on occupied units was 92.6% for May while delinquencies remain low.
Nine new units were renovated last month for a total of 177 units since acquisition. We are achieving our rent projections on all upgraded unit leases and are beating our rent projections by $40. Over the past two months 38 renovated units have been leased and surpassed projections by $89 further displaying strong momentum.
Resident Activities
We are continuing to be creative with the themes of the resident appreciation events we are hosting and this included a Community Garage Sale.
April 2021
Occupancy (94.7%) increased while collections remained strong at Western Station.
Update on Impact of Inclement Weather
Work began last month on the agreed upon scope and the initial repairs were completed on May 11th. Our consultants have submitted a supplemental scope and work will begin on those items in June.
Distributions
The next distribution is scheduled for the end of July. We will let you know in the June Recap email what the new the distribution amount will be.
Operations
Current occupancy is 94.7% (compared to 91.0% last month) and preleased occupancy is 93.5%. Collections on occupied units was 93.2% for April (compared to 93.5% for March).
Four new units were renovated last month for a total of 168 units since acquisition. We are achieving our rent projections on all upgraded unit leases and are beating our rent projections by $58 on the 35 upgraded units leased over the last three months.
March 2021
Occupancy (91.0%) and collections (93.5%) remained stable at Western Station.
Update on Impact of Inclement Weather
We have approved the scope here and insurance will cover the cost. Reconstruction work began on April 19th.
Distributions
We are sending out your full quarterly distribution by the end of the month. It will cover January, February, and March. For example, if you invested $100,000, you would receive $2,000, The next distribution is scheduled for the end of July. It will cover April, May, and June.
Financials
The Q1 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 is 91.0% and preleased occupancy is 89.1%. Collections on occupied units was 93.5% for March (compared to 94.3% for February).
We are slightly below our projected rents on the 18 previously renovated units leased over the last four months.
We held off on hosting resident activities this month so our in-house management team could focus on the operations at Western Station.
February 2021
Occupancy (92.1%) improved, and collections (94.3%) are strong at Western Station.
Update on Impact of Inclement Weather
Pipes burst at a total of 38 units causing various levels of damage to the interiors. 10 residents have been displaced as a result. We’ve transferred some to other units, placed others in hotels, while the remaining are staying with friends until repairs are completed. Cabana restrooms were flooded and will also require ceiling repairs. The leasing office was damaged as well, requiring repairs due to a burst pipe. The maintenance shop and office were also damaged. We expect these repairs to exceed $100,000. All expenses, including loss of income, incurred will be covered by our insurance.
Distributions
The next scheduled quarterly distribution is scheduled for the end of April. We will let you know in the March Recap email what the distribution amount will be.
2020 Schedule K-1 Tax Report
As a friendly reminder, please review your investment profile to make sure you have inputted the information required for your 2020 K-1. K-1s will be uploaded into the investor portal by the end of the month. You will receive an email notification when they become available. If you are not able to log into the investor portal, or your invitation has expired, please email InvestorRelations@AshcroftCapital.com.
Operations
Occupancy increased to 92.1% (91.1% last month), and preleased occupancy is 91.6%. Collections on occupied units was 94.3% for February.
Birchstone, Ashcroft’s in-house property management company, has taken over the management at Western Station, and a new site manager is in-place. .
January 2021
Occupancy (91.1%) remained in the 90s while collections (98.3%) improved at Western Station.
Update on Impact of Inclement Weather
Pipes burst at a total of 38 units, causing various levels of damage to the interiors. 10 residents have been displaced as a result. We’ve transferred some to other units, placed others in hotels, while the remaining are staying with friends until repairs are completed. The maintenance shop and office were also damaged. We expect these repairs to exceed $100,000.
We will be filing a DFW portfolio wide insurance claim. Since the storm that caused the damages was one occurrence, our policy allows us to file on major claim which will help us hit our deductible and cover the repair costs.
Also, we are doing a surprise resident event this week. We are sending a food truck with 150 free meals and delivering 100 free cases of water for residents who had any issues as a result of the storm.
Distributions
The next scheduled quarterly distribution is scheduled for the end of April. We will let you know in the March Recap email what the distribution amount will be.
2020 Schedule K-1 Tax Report
As friendly reminder, please review your investment profile to make sure you have inputted the information required for your 2020 K-1. K-1s will be uploaded into the investor portal by the end of March. If you are not able to log into the investor portal, or your invitation has expired, please email InvestorRelations@AshcroftCapital.com.
Operations
Occupancy is 91.1% and preleased occupancy is 93.5%. We expect to begin operating in the mid-90s as demand is picking up substantially in the market. Collections on occupied units increased to 98.3% for January (97.6% for December).
No new units were renovated over the last month since 90% of the units have already been renovated. We are exceeding our projected rents by $20 on all previously upgraded unit leases.
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 February, these events included:
- Sweets for Your Sweetie
- Pizza Night
- Renewal Goodie Bags
Below are pictures a coffee bar offered to residents in the clubhouse, as well as the renewal goodies bags.
December 2020
Occupancy (93.1%) increased, and collections (97.6%) remained strong at Western Station.
Distributions
We are sending out your full quarterly distribution by the end of the month. It will cover October, November, and December. For example, if you invested $100,000, you would receive $2,000, The next distribution is scheduled for the end of April. It will cover January, February, and March.
Financials
The Q4 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.
Friendly Reminder: Please review your investment profile to make sure that it is complete with the information required for your 2020 K1. K1s will be uploaded into the investor portal by the end of March 2021. If you are not able to log into the investor portal, or your invitation has expired, please email InvestorRelations@AshcroftCapital.com to have it resent.
Operations and Renovations
Occupancy increased to 93.1% (compared to 92.1% last month) and is trending even higher at 94.1%. Collections on occupied units was 97.6% for December (compared to 98.7% for November).
We recently promoted the assistant manager to site manager at Western Station, as we moved the previous site manager to another asset in our portfolio. Based on the new manager’s previous performance, we are confident that operations will continue to improve under her leadership.
90% of the units at Western Station have been upgraded and have been leased at an average of $27 above our original projections.
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 January, these events included:
Resident Appreciation Day
Pizza Night
November 2020
Both occupancy (92.1%) and collections (98.7%) remained strong at Western Station.
Distributions
The next quarterly distribution is scheduled for the end of January.
Friendly Reminder: Please review your investment profile to make sure that it is complete with the information required for your 2020 K1. K1s will be uploaded into the investor portal by the end of March 2021. If you are not able to log into the investor portal, or your invitation has expired, please email InvestorRelations@AshcroftCapital.com to have it resent.
Operations
Current occupancy is 92.1% and preleased occupancy is 93.6%. Collections on occupied units is 98.7%. We’ve experienced strong collections, low delinquency, and very low accrued balances since the onset of COVID-19.
The small number of residents who experienced financial related hardships are in communication with the staff and honoring their payment arrangements.
As reminder, because of Western Station’s strong performance, we increased rents by up to $75 on most floorplans.
Renovations
We renovated one new unit over the last month. While we are missing our rent projections by $31 on upgraded unit leases, we are exceeding our rent projections by $2 on the 27 upgraded units leased over the last four 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 a picture of the resident who won the Turkey Raffle in November.
In December, these events will include:
- Christmas Tree Decorating Contest
- Food Drive
- Christmas Patio Contest
October 2020
Because of the strong occupancy (95.5%) and collections (99.0%), we are raising rents on most floor plans at Western Station.
Distributions
The next quarterly distribution is scheduled for the end of January.
Friendly Reminder: As we approach the new year, please review your investment profile to make sure that it is complete with the information required for your 2020 K1. K1s will be uploaded into the investor portal by the end of March 2021. If you are not able to log into the investor portal, or your invitation has expired, please email InvestorRelations@AshcroftCapital.com to have it resent.
Operations
Current occupancy is up to 95.5%, compared to 94.1% last month, and preleased occupancy is 95.0%. Collections on occupied units is 99.0 for October.
Due to our continued strong occupancy and collections rate, we are in the process of increasing rents by up to $75 on more floor plans.
Renovations
We are restarting renovations at Western Station.
We are missing our rent projections by $31 on previously upgraded units. However, due in part to the rent increases in progress, we are exceeding our rent projections by $5 on the 27 upgraded units leased over the past four 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 November, this will include a Turkey Raffle.
September 2020
Occupancy (94.1%) remains stable and in the mid-90s, and we continue to achieve a near perfect collections rate (99.1%).
Distributions
We plan on continuing to do quarterly distributions for this property to remain conservative.
We are sending out your full quarterly distribution by the end of the month. It will cover July, August, and September. For example, if you invested $100,000, the quarterly distribution is $2,000.
The next distribution is scheduled for the end of January. It 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 is 94.1% and preleased occupancy is 93.56%.
Collections remains nearly perfect at 99.1% on occupied units. The few residents with COVID-related issues who do have minor balances have communicated with our staff.
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:
- Pumpkin Carving
- Deserts to Go
- Patio Decorating Contest
August 2020
Occupancy (94.6%) has stabilized in the mid-90s and collections (99%) remains nearly perfect in August at Western Station.
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 will let you know in next month’s recap email if we will transition back to monthly distributions.
Operations
Occupancy is still strong. Current occupancy is up to 94.6% (compared to 93.6% last month) and preleased occupancy is 93.1%.
We achieved a near perfect collections rate of 99% on occupied units. However, earlier this month, the CDC issued an eviction moratorium effective from September 4th to December 31st. Click here for article with more details on the moratorium.
Due to a strong collections rate throughout the pandemic, we are uncertain if the renewed moratorium will negatively affect 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.
Renovations
As a reminder, due to the stabilized occupancy and low delinquency, we decided to restart interior renovations last month.
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:
- Breakfast at the Gate
- Fall Picture Contest
- Resident Cookie Recipe Contest
July 2020
Things are continuing to improve at Western Station amidst the coronavirus pandemic. Occupancy and collections are strong while interior renovations have resumed.
Distributions
Last month, you received a quarterly distribution equal to 1% of your initial investment. Since this was less than a full quarter’s worth of preferred return, the unpaid preferred return 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 distribution, if we will transition back to monthly distributions.
Operations
Current occupancy is 93.6% and preleased occupancy is 94.1%.
Collections have been strong throughout the coronavirus pandemic. We only have two residents with large balances and one of them has slowly started to pay it down.
Renovations
Because of the strong occupancy and collections, we restarted interior renovations. This will increase revenue and the value of the property, allowing us to focus on the long-term health of the investment.
We have also made improvements to our landscaping , installed new grills , and added a sanitary station inside the clubhouse.
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:
- Weekly Facebook Pet Contest
- Popsicle In The Park
- Taco Truck
June 2020
The operations at Western Station were impacted by the coronavirus pandemic. Occupancy is strong but collections continue to be a challenge due to the eviction moratorium.
We are continuing to focus on preserving your capital investment and have been implementing solutions to increase our collections.
Here are updates on what we’ve done at Western Station over the previous 30 days to preserve your capital investment, increase occupancy, and increase collections.
Distributions
As a reminder, we decided to temporarily transition from monthly distributions to quarterly distributions at Western Station. We also decided to temporarily suspend collecting our asset management fees.
We will be sending out a distribution by the end of the month. We have decided to remain conservative and it will equal 1% of your investment. For example, if you invested $100,000, you will receive ~1,000.
This is less than a full quarter’s worth of preferred return, which is 2% (8% preferred return divided by 4 quarters equals 2%). Therefore, the difference between what is owed and what is distributed will accrue and be paid out at a capital event. The reasoning behind this lowered distribution is outlined in the “Operations” section below.
The next distribution is scheduled for the end of October. It will cover July, August, and September. We will let you know by then if we will continue quarterly distributions or transition back to monthly distributions.
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
Current occupancy has increased to 95.5% (compared to 93.6% last month) and preleased occupancy is 95.1%.
Demand in the submarket sharply declined at the onset of the coronavirus pandemic. However, we are starting to see traffic pickup substantially, which is reflected by the increasing occupancy rates.
The reason we aren’t sending a full distribution so that we can invest in unit renovations to increase revenue and therefore increase the value of the property. This approach allows us to focus more on the long-term health of the investment.
Renovations
We previously decided to temporarily pause interior renovations. Due to our strong occupancy, they have since been restarted.
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:
Pop In For Popcorn
Don’t Blow Your Summer (Pick Up Bubbles)
Breakfast On The Go
May 2020
The operations at Western Station were impacted by the coronavirus pandemic. As a result, collections and occupancy rates suffered. However, from an occupancy standpoint, things are beginning to trend in a positive direction.
We are continuing to focus on preserving your capital investment and have been implementing solutions to increase our occupancy rate and collections.
Here are updates on what we’ve done at Western Station over the previous 30 days to preserve your capital investment, increase occupancy, and increase collections.
Distributions
As a reminder, we decided to temporarily transition from monthly distributions to quarterly distributions at Western Station. 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 Western Station 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
Current occupancy is 93.56% and preleased occupancy is 94.06%.
Demand in the submarket sharply declined at the onset of the coronavirus pandemic. However, we are starting to see traffic pickup substantially, which is reflected by the increasing occupancy rates.
With the outbreak of coronavirus and the resulting eviction moratorium, some residents cannot pay their rent in full and the CARES Act prohibits us from non-payment-based evictions until August. Although current collections are slightly below historical averages and we might see a short-term uptick in bad debt, we expect the property to recover very quickly due to the strength of the demographics onsite
Renovations
We have also temporarily paused interior renovations. However, we are looking into resuming shortly as our occupancy increases.
Due to the above-mentioned reasons, leases on previously upgraded units are below our projections by an average of $41. Over the previous four months, 23 upgraded units were leased at an average of $60 below projections. These reductions should be temporary and will reset once we’ve increased the occupancy rate and collections. Please note that we are on LRO (revenue management) and that rent swings in order to bolster occupancy are common.
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:
- Pet Snack Day
- Father’s Day Card Craft Event
- Popsicle’s-To-Go
April 2020
We have continued to focus on the preservation of your capital investment during the coronavirus pandemic.
Here are some updates on Western Station 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 Western Station, 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 Western Station 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:
- Mother\s Day Coloring Pages Delivered
- Cookie Delivery to Essential Worker
- Side Walk Chalk 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 Western Station 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 occupancy is 71.6%. range. This means we will be able to cover all expenses, and conserve your investment, at an occupancy rate that is 71.6% 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 Western Station.
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 13 new units in March.
We are instituting a “Hero of the Month” and “Hero of the Week” program that honors our portfolio’s 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 Western Station is 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:
- Apartment Scavenger Hunt
- Virtual Happy Hour
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.
We are achieving our projected rents for all newly-renovated unit leases
The following resident appreciation and retention events are being/were hosted in March:
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- Management Meet & Greet – March 12th
- Taco Tuesday – March 17th
- Safety Awareness – March 27th
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 going well at Western Station as we continue to implement our value-add business plan.
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.
We are achieving our projected rents for all newly-renovated unit leases.
The following resident appreciation and retention events are being/were hosted in February:
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- Breakfast On The Go – February 10th
- Valentine w/ Management Dessert Bar – February 14th
- Carter Blood Donation – February 28th
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) by clicking here.
We are achieving our projected rents for all newly-renovated unit leases.
The following resident appreciation and retention events are being/were hosted in January:
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- Ice Cream Bar – January 10th
- Resident Brunch – January 18th
- H&R Block Tax Prep – January 28th
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
We are exceeding our projected rents by $17 for all newly-renovated unit leases.
The following resident appreciation and retention events are being hosted/were in December:
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- Hot Chocolate and Cookies – December 13th
- Patio Decorating Contest – December 20th
In related news, a 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
We are exceeding our projected rents by $25 for all newly-renovated unit leases.
The following resident appreciation and retention events are being hosted/were in November:
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- Brunch – November 8th
- Happy Hour – November 18th
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 click here to download the quarterly financial statements (current rent roll and profit and loss statement).
We are continuing to exceed our projected rents by $44 for all newly-renovated unit leases.
The following resident appreciation and retention events are being hosted in October:
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- Community Blood Drive – 10/14
- Pumpkin Carving – 10/23
August 2019
We are now exceeding our projected rents by over $44 for all newly-renovated unit leases.
The following resident appreciation and retention events are being/were hosted in September:
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- Taco Tuesday – 9/10
- Desserts-on-the-Go – 9/20
- Renewal Pizza Party – 9/26
July 2019
We are exceeding our projected rents by over $33 for all newly-renovated unit leases.
The following resident appreciation and retention events are being/were hosted in August:
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- Taco Tuesday – 8/13
- Renewal Party – 8/22
- Happy Hour – 8/30
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
As a reminder, due to the fact that Western Station outperformed our initial projections during our second full year of ownership, you received a higher distribution last month. In addition to your regular 8% annualize distribution, you received an additional 1%.
Congrats again on a successful second year. We will reevaluate the performance again in 12 months and distribute extra profits at the time, if applicable. Here are some property-specific updates for the month of June:
The following resident appreciation and retention events are being hosted in July:
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- Renewal Party: 7/9
- Happy Hour: 7/17
- Desserts-on-the-Go: 7/26
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 following resident appreciation and retention events are being hosted in June:
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- Renewal Party: 6/7
- Yappy Hour: 6/14
- Pool Party: 6/22
In related news, Fort Worth passed both San Francisco and Columbus, OH, in population. Fort Worth grew by 19,500 people, or 2.2%, for 2017 to 2018, overtaking Columbus and San Francisco as the 13th most populous US city. This reinforces our thoughts on the continued strength of the Fort Worth market. Click here to learn more.
Additionally, 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 following resident appreciation and retention events are being hosted in May:
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- Desserts-on-the-Go: 5/9
- Happy Hour: 5/17
- Renewal Party: 5/22
March 2019
We are exceeding our projected rents by $10 for all newly-renovated unit leases.
The following resident appreciation and retention events are being hosted in April:
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- Wellness Screening: 4/11
- Renewal Pizza Party: 4/18
- Spring Field Day: 4/27
February 2019
- The current occupancy is 96.5% and preleased occupancy is 93.0%
- Since acquiring Western Station, we have renovated a total of 106 of 202 units (2 new units in February)
- We are continuing to achieve our projected rents for all new renovated unit leases
- We are hosting the following resident appreciation and retention events in March:
- Brunch: 3/16
- Renewal Party: 3/22
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) in the mail and via email. If you have not, please let us know by emailing info@ashcroftcapital.com
January 2019
- Our occupancy rate has increased for the second straight month to 97.0% (up from 96.0% last month) and preleased occupancy is 98.0%
- We have renovated a total of 104 of 202 units since acquiring Western Station
- We are continuing to achieve our projected rents on all new renovated unit leases
- On 2/14, we are hosting a Valentine’s Day Breakfast-On-The-Go event for our residents
Stanley Black & Decker is putting its new 1.2-million-square-foot- regional distribution hub north of Fort Worth, TX, which is expected to create 300 new jobs. The facility will be a 12 minute drive from Western Station and reinforces our thoughts on the strength of the Fort Worth market. Click here to learn more.
December 2018
- Our occupancy rate has increased to 96.0% (up from 95.0% last month)
- Preleased occupancy is 96.5%
- Since acquiring Western Station, we have renovated a total of 104 of 202 units (5 new units in December)
- We are continuing to achieve our projected rents on all new renovated unit leases
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.
Additionally, the Arlington-based Texas Health recently announced plans for a $74.2 million expansion called The Alliance Project. The project, which is expected to be completed in late 2021, will add three stories (65,000-square-foot addition) to a hospital that is an 11-minute drive from Western Station. Click here to learn more.
November 2018
- Current occupancy is 95.0% and preleased occupancy is 96.5%
- We have renovated a total of 99 of 202 units since acquiring Western Station (5 units in November)
- We are continuing to achieve our projected rents on all new renovated unit leases
Amazon just announced that construction has already begun on a hub at Fort Worth’s Alliance Airport, which is a 13-minute drive from Western Station, to service Amazon Air – the company’s dedicated air cargo network. The hub is expected to generate hundreds of new jobs and will be operational in 2019. Click here to learn more.
October 2018
- Current occupancy is 95.0% and preleased occupancy is 96.0%
- Since acquiring Western Station, we have renovated a total of 94 of 202 units
- We are continuing to achieve our projected rents on all new renovated units
- We hosted a Yappy Hour this month, which is a “networking event” for all the pets at Western Station