Preserve at Preston Update History – Founders Grove Capital

*formerly the Highlands of Preston

April 2023

At Preserve at Preston, occupancy was 93.9%, and collections were 93.9%.

Operations

In April, occupancy at Preserve at Preston decreased from 95.0% in March, with trending occupancy of 93.4%. Collections also increased compared to 93.7% in March.

In April, no new renovations were completed. We finished our test unit last month and are in progress on 10 new renovations. We remain at 81 units fully renovated to our top-tier finish level.

April saw a 0.4% rise in Gross Potential Rent (“GPR”) relative to March. GPR is up 1.1% for the year. With our new renovations coming online, we look forward to continuing to see strong revenue growth.

Distributions

We will continue to send monthly distributions, which will be sent out by the end of this month.

If you would like to update your payment account, please log in to your portal here. Once in the portal, click on “Settings” in the top right corner. Under your profile, select “Change bank account.”

March 2023

At Preserve at Preston, occupancy was 95.0% and collections were 93.7%.

Operations

In March, occupancy at Preserve at Preston increased from 93.9% in February, with trending occupancy of 95.3%. Collections increased compared to 91.8% in February.

In March, we completed one new renovation. We are starting new test unit remodels. Once we have a proven finish package, we will begin ramping up our renovations. This process can take several months, but we look forward to continuing with our business plan.

March saw a 0.6% rise in Gross Potential Rent (“GPR”) relative to February. GPR is up 0.7% for the year, with February’s rise slightly outpacing the decline in January.

Distributions and Financials

The first quarter financials are available on your investor portal here, under the Documents section.

We will continue to send monthly distributions, which we will send by the end of this month.

For security and privacy purposes, Ashcroft and its representatives are unable to make updates on your behalf.

February 2023

At Preserve at Preston, occupancy was 93.9%, and collections were 91.8%.

Operations

In February, occupancy at Preserve at Preston increased from 91.3% in January, with a trending occupancy of 94.5%. Collections declined slightly compared to 92.6% in January.

Since acquisition, 100 units have been renovated, with one new renovation completed in February. We are not seeing much turnover in our classic units because tenants are generally renewing when their lease is up.

February saw a 0.4% rise in Gross Potential Rent (“GPR”) relative to January. GPR is flat for the year, after a comparable drop in January.

Distributions

We will continue to send monthly distributions, which we will send by the end of this month.

For security and privacy purposes, Ashcroft and its representatives are unable to make updates on your behalf.

January 2023

At Preserve at Preston, occupancy was 91.3%, and collections were 92.6%.

2022 K-1

We anticipate having your 2022 K-1 available via your portal no later than March 31, 2023.

Operations

In January, occupancy at Preserve at Preston increased from 91.0% in December, with a trending occupancy of 91.6%. Collections remained flat at 92.6% in January compared to December.

Ninety-nine units have been renovated since the acquisition, with one new renovation completed in January.

January saw a 0.4% drop in gross potential rent (GPR) relative to December. After a strong year in 2022 with 14% GPR growth and a softening economy combined with January historically being a slower month, we saw a slight decline in GPR. We are still ahead of initial projections and anticipate growth throughout 2023 but at a moderate pace.

Distributions

We will continue to send monthly distributions, which will be sent out by the end of this month.

If you would like to update your payment account, please log in to your portal here. Once in the portal, click “Settings” in the top right corner. Under your profile, select “Change bank account.”

For security and privacy purposes, Ashcroft and its representatives cannot make updates on your behalf.

December 2022

At Preserve at Preston, occupancy was 91.0%, and collections were 92.6%.  

2022 K-1 

We anticipate having your 2022 K-1 available via your portal no later than March 31, 2023.

 Operations 

In December, occupancy at Preserve at Preston slightly declined from 91.8% in November to 91.0% with trending occupancy of 91.3%. Collections also declined to 92.6% in December compared to 93.6% in November.   

A total of 98 units have been renovated since acquisition with no new renovations being completed in December. As we noted last month, these renovations were initially paused at the onset of the pandemic and continued to be delayed because of supply chain constraints and the inflationary pressures on costs. 

We continue seeing positive market momentum with an application out for a supplemental loan to help cover the inflationary pressure on the cost to continue unit renovations.  We also continue to see momentum in operations and anticipate kicking off renovations into the second half of 2023. 

December saw 0.7% growth in Gross Potential Rent (“GPR”) relative to November, bringing our year-to-date growth to 14.0% through December. For reference, on a national level historic year-over-year rent growth has averaged 2.3%, according to the CoStar Multifamily National Report.¹ 

Distributions and Financials 

We will continue to send monthly distributions, which will be sent out by the end of this month. Additionally, the fourth quarter 2022 financials are available on your portal. 

If you would like to update your payment account, please log in to your portal here. Once in the portal, click on “Settings” in the top right corner. Under your profile, select “Change bank account.” 

November 2022

At Preserve at Preston, occupancy was 91.8%, and collections were 93.6%.

2022 K-1

We anticipate having your 2022 K-1 available via your portal no later than March 31, 2023. As we begin our annual tax filings, it is imperative that our information is accurate. Please log in to your portal here and confirm your address, tax number, and name are all correct. Once you are logged in, click on “Settings” at the top right of page. You can view your profile name(s), mailing address, and tax ID for each profile. If you need to update your mailing address, you can do so in the portal. If you see issues with your profile name or tax ID, please email investors@ashcroftcapital.com.

Any updates must be made no later than December 31, 2022, to be reflected on your 2022 K-1.

For security and privacy purposes, Ashcroft and its representatives cannot make updates on your behalf.

Operations

In November 2022, occupancy at Preserve at Preston declined from October, when it was 94.5%, with trending occupancy of 91.3%. Collections also saw a drop in November to compared to 94.4% in October. Occupancy dropped due to aggressive rent increases on renewals. Although this is causing occupancy to decline, it is actually resulting in higher revenue.

Ninety-eight units have been renovated since acquisition, with no new renovations being completed in November. These renovations were initially paused at the onset of the pandemic with continual delays due to supply chain constraints and the inflationary pressures on the cost of the renovations. We are seeing positive market momentum and are working on a supplemental loan to help with the inflationary pressure on the cost to continue unit renovations.

Overall, even with the delayed renovations, we are trending back to our pro forma NOI, and we anticipate seeing stronger performance once we restart the renovations in earnest, ideally in the first half of 2023.

November saw 0.8% growth in gross potential rent (“GPR”) relative to October, bringing our year-to-date growth to 13.3% through November. For reference, on a national level, historic year-over-year rent growth has averaged 2.3% according to the CoStar Multifamily National Report.¹

Distributions

We will continue to send monthly distributions, which will be sent out by the end of this month.

October 2022

At Preserve at Preston, occupancy was 94.5%, and collections were 94.4%.

Operations

In October, occupancy at Preserve at Preston declined slightly from September, when it was 95.3%, with trending occupancy of 92.6%. Collections also saw a slight drop in October to compared to 95.5% in September.

Ninety-eight units have been renovated since acquisition, with no new renovations being completed in October.

October saw 1.3% growth in gross potential rent relative to September, bringing our year-to-date growth to 12.4% through October. For reference, on a national level, historic year-over-year rent growth has averaged 2.3% according to the CoStar Multifamily National Report.¹

Distributions and Financials

We will continue to send monthly distributions, which will be sent out by the end of this month.

As we begin approaching year’s end and tax season, a reminder that your K-1 is anticipated to be available on or before March 31 via your investor portal. Please login here to confirm all your information is correct, including legal name, SSN/TIN, and address for your holding.

Any updates needed to your payment information should be made in this portal under the “Settings” page. You can also utilize the portal to access your investment, distribution history, and other investment information.

September 2022

At Preserve at Preston, occupancy was 95.3%, and collections were 95.5%.

Operations

In September, occupancy at Preserve at Preston was the same as in August, with a trending occupancy of 95.3%. Collections were up in September to 95.5%, compared to 94.8% in August.

Three new unit renovations were completed in September, bringing us to 98 units fully renovated since the acquisition.

September saw a 0.8% growth in gross potential rent relative to August, bringing our year-to-date growth to 11.0% through September. For reference, on a national level, historic year-over-year rent growth has averaged 2.3%, according to the CoStar Multifamily National Report.¹

Distributions and Financials

We will continue to send monthly distributions, which will be sent out by the end of this month.

The third quarter financials are available on your portal here.

Any updates needed to your payment information should be made in this portal on the “Settings” page. You can also use the portal to access your investments, distribution history, and other investment information.

August 2022

At Preserve at Preston, occupancy was 95.3% and collections were 94.8%.

Operations

In August, occupancy at Preserve at Preston was 95.3% (compared to 96.6% in July), and trending occupancy is 92.6%. Collections were 94.8% in August, compared to 97.2% in July.

95 units have been fully renovated since acquisition. No additional unit renovations were completed in August. We continue to see operational improvements at Preserve at Preston, which we anticipate will allow us to restart our renovation plans for the property.

August saw 1.5% growth in Gross Potential Rent (“GPR”) relative to July, bringing our year-to-date growth to 10.1% through August. For reference, on a national level, historic year-over-year rent growth has averaged 2.3% according to the CoStar Multifamily National Report¹.

Dallas Flash Floods

In late August, Dallas experienced a flash flood. Preserve at Preston did not sustain any damages as a result of this storm.

Distributions

August marks the third anniversary of Preserve at Preston. We will continue to send monthly distributions, which will be sent out by the end of this month.

As a reminder, distributions are being sent via our investor portal, here. Any updates needed to your payment information should be made in this portal under the “Settings” page. You can also utilize the portal to access your investment, distribution history, and other investment information.

For security/privacy purposes, Ashcroft and its representatives are not able to make updates on your behalf.

July 2022

At Preserve at Preston, occupancy was 96.6% and collections were 97.2%.

Operations

In July, occupancy at Preserve at Preston was 96.6% (compared to 95.5% in June), and trending occupancy is 97.9%. Collections were 97.2% in July compared to 97.4% in June.

95 units have been fully renovated since acquisition. No additional unit renovations were completed in July. We are seeing positive operational trends and look forward to enhancing these trends as renovations begin again in the coming months.

July saw 2.0% growth in Gross Potential Rent (“GPR”) relative to June and accelerating the month over month growth we saw in June of 1.4% relative to May. For 2022, GPR has grown 8.5% from January through July. For reference, on a national level, historic year over year rent growth has averaged 2.3% according to the CoStar Multifamily National Report¹.

Dallas Flash Floods

In the last several days, Dallas and the surrounding areas was hit with record rain fall. As of today, there have been no reported issues at Preserve at Preston. If any issues do arise, we anticipate they will be very minor in nature.

Distributions

We will continue to send monthly distributions, which will be sent out by the end of this month.

As a reminder, distributions are being sent via our current investor portal, here. Any updates needed to your payment information should be made in this portal under the “Settings” page. For compliance purposes, Ashcroft and its representatives are not able to make updates on your behalf.

Portal Update

We are finalizing the transition into Juniper Square. Our old portal will be closed on September 1^st. Historical K-1s will be transitioned over to Juniper Square. However, any other information should be downloaded by August 31^st. You can login to this outgoing portal here. Once you are logged in, you can view and download the available documents under the “Documents” option from the top menu.

June 2022

At Preserve at Preston, occupancy was 95.5%, and collections were 97.4%.

Operations

In June, occupancy at Preserve at Preston was 95.5% (compared to 96.3% in May), and trending occupancy is 96.3%. Collections were 97.4% in June (compared to 98.0% in May).

95 units have been fully renovated since acquisition. No additional unit renovations were completed in June. We are assessing various options to restart the renovation plan, which was delayed due to impacts of COVID-19 over the last two years. We are seeing positive operational trends, and look forward to enhancing these trends as renovations begin again in the coming months.

June saw 1.4% growth in Gross Potential Rent (“GPR”) relative to May. For 2022, GPR has grown 6.3% from January through June. For reference, on a national level, historic year over year rent growth has averaged 2.3% according to the CoStar Multifamily National Report¹.

Distributions and Financials

We will continue to send monthly distributions, which will be sent out by the end of this month.

The Q2, 2022 financials are available on your portal. You may access the financials here

Portal Update

We are finalizing the transition away from our previous portal to the new investor portal, launched earlier this year. We will be closing our old portal effective September 1. Should you require any historical documents available in this portal, please be sure to login, here, and download those no later than August 31. To access these documents, click on the Documents option at the top right, once you are logged in. Clicking on the document name will download that document to your computer.

For all other updates, including current banking information or address, please utilize our current portal, here.

To view and update your payment (banking) instructions, please log into the portal and click on “Settings” at the top of any page. Any changes to your payment information or address must be completed by you through your portal account. We cannot make changes on your behalf.

May 2022

At Preserve at Preston, occupancy was 96.3%, and collections were 98.0%.

Operations

In May, occupancy at Preserve at Preston increased to 96.3% (compared to 94.7% in April), and trending occupancy is 94.2%. Collections increased to 98.0% in May (compared to 97.3% in April).

No new units were renovated in May, and 95 units have been fully renovated since acquisition. On new leases signed over the past two months, the average rent rate exceeded projections by $75.

Distributions

We will continue to send monthly distributions, which will be sent out by the end of this month.

Portal Update

We continue to work through the transition to our new portal and we will continue to transfer over your existing holdings and past distributions and documents.

Should you need to update banking information or mailing address for your holdings, all updates should be made in Juniper Square only. To view and update your payment instructions, please log into the portal and click on “Settings” at the top of any page. Any changes to your payment information or address must be made by you or your authorized representative within the portal.

April 2022

At Preserve at Preston, occupancy was 94.7%, and collections were 97.3%.

Operations

In April, occupancy at Preserve at Preston increased to 94.7% (compared to 92.9% in March), and trending occupancy is 93.7%. Collections increased to 97.3% in April (compared to 96.8% in March).

No new units were renovated in April, and 95 units have been fully renovated since acquisition. We are currently under renovation on three units to a partial level. On new leases signed over the past two months, the average rent rate exceeded projections by $95.

Distributions

We will continue to send monthly distributions, which will be sent out by the end of this month.

Portal Update

We continue to work through the transition to our new portal and we will continue to transfer over your existing holdings and past distributions and documents.

All payment information updates should be made in Juniper Square only. You can manage distribution payment instructions for your investments directly in the Ashcroft Capital investor portal. To view and update your payment instructions, please log into the portal and click on “Settings” at the top of any page. You’ll also be able to update the mailing addresses for your investment accounts. Click here to log in. As a security measure Ashcroft Capital does not accept banking information sent within an email or over the phone. Any changes to your payment information must be made by you or your authorized representative within the portal.

March 2022

At Preserve at Preston, occupancy was 92.9%, and collections were 96.8%.

Operations

In March, occupancy at Preserve at Preston increased to 92.9% (compared to 91.3% in February), and trending occupancy is 91.0%. Collections increased to 96.8% in March (compared to 94.6% in February).

Distributions and Financials

We will continue to send monthly distributions, which will be sent out by the end of this month.

You can access the Q1, 2022 financial package here.

Portal Update

We continue to work through the transition to our new portal and we will continue to transfer over your existing holdings, past distributions and documents.

You may still view your current investment information and access historical documents in the IMS platform. Questions regarding access to your portal in Juniper Square and/or IMS should be sent to investors@ashcroftcapital.com

February 2022

At Preserve at Preston, occupancy was 91.3%, and collections were 94.6%.

2021 Tax Documents

Your 2021 K-1 is anticipated to be available by late this evening. You will receive an email when the form is available to download from the Juniper Square portal.

Operations

In February, occupancy at Preserve at Preston was 91.3% (compared to 92.1% in January), and trending occupancy is 91.0%. Collections were 94.6% in February (compared to 94.9% in January).

No new units were renovated in February, and 95 units have been fully renovated since acquisition. On new leases signed over the past two months, the average rent rate exceeded projections by $67

Distributions

We will continue to send monthly distributions, which will be sent out by the end of this month.

We anticipate sending your February distribution through Juniper Square (JSQ), our new investor portal, by the end of March. The format of the notification email through JSQ will be different from previous notifications. To ensure that you are receiving notifications, please approve Juniper Square as an authorized contact or check your spam folder.

Portal Update

We mentioned in previous updates, that we are transitioning to JSQ from our previous platform, IMS. We are now in phase two of the data migration to JSQ. Once phase two is complete, you can expect to see all of your current holdings with Ashcroft, along with previous distributions, and have the ability to update your personal information like addresses and bank accounts. We anticipate that phase two will be completed by early June.

January 2022

Operations

In January, occupancy at Preserve at Preston was 92.1% (as it was in December), and trending occupancy is 90.0%. Collections were 94.9% in January (compared to 95.4% in December).

One new unit was renovated in January, and 95 units have been fully renovated since acquisition. On new leases signed over the past two months, the average rent rate matched our projections.

Distributions

We will continue to send monthly distributions, which will be sent out by the end of the month.

Distributions will be processed in the same manner as in months prior. We anticipate sending your February distribution through Juniper Square (JSQ), our new investor portal, by the end of March. The format of the notification email through JSQ will be different than previous notifications. To ensure that you are receiving notifications please approve Juniper Square as an authorized contact or check your spam folder.

We will continue to send monthly distributions, which will be sent out by the end of this month.

Portal Update

We mentioned in December’s update, that we are transitioning to JSQ from our previous platform, IMS. We are now in phase two of the data migration to JSQ, which has been delayed due to the large amounts of data being transferred. We now expect the transition to be completed by the end of March. Once phase two is complete, you can expect to see all of your current holdings with Ashcroft, previous distributions, and have the ability to update your personal information like address or bank accounts.

We anticipate a complete migration of documents, including access to historical documents, to be completed by the end of May or early June at the latest. You may still view your current investment information and access historical documents in the IMS platform. Questions regarding access to your portal in Juniper Square and/or IMS should be sent to investors@ashcroftcapital.com

2021 Tax Documents

Your 2021 K-1 is anticipated to be available by March 31, 2022. You will receive an email when the form is available to download from the portal.

December 2021

At Preserve at Preston, occupancy was 92.1% and collections were 95.4%.

Distributions

We will continue to send monthly distributions, which will be sent out by the end of the month.

The Q4 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.

Portal Update

We have begun the transition from IMS to Juniper Square. Currently, Juniper Square is only being utilized for the Ashcroft Value-Add Fund II (AVAF2). However, we will be fully transitioning all investments to Juniper Square. This transition is anticipated to be completed by February 28. If you have not yet received your invite to Juniper Square for the AVAF2, please reply to this email to request a new invite.

Once the transition is complete, you will receive an email to set your password for Juniper Square if you have yet to do so prior to then.

Operations

In December occupancy at Preserve at Preston was 92.1% (compared to 93.7% in November) and trending occupancy is higher at 92.4%. Collections increased to 95.4% in December (compared to 95.2% in November).

Sixteen new units were renovated in December, and a total of 94 units have been fully renovated since acquisition. On new leases signed over the past two months, the average rent rate matches our projections

November 2021

At Preston at Preserve, occupancy was 93.7% and collections were 95.2%.

Distributions

We will continue to send monthly distributions, which will be sent out by the end of the month.

Portal Update

In 2022, Ashcroft will upgrade the investor portal to Juniper Square. You can expect to receive an email with sign-up instructions no later than January 11, 2022. Once you receive it, you will be able to sign up for access to the new investor portal. If needed, you will be able to update or change your personal or banking information once the new portal is launched. We appreciate your patience during the transition and look forward to offering a better overall experience with Juniper Square.

Operations

In November occupancy at Preserve at Preston was 93.7% (compared to 94.9% in October). And trending occupancy is at 91.8%. Collections increased to 95.2% in November (compared to 94.5% in October).

Sixteen new units were renovated in November and a total of 94 units have been fully renovated since acquisition. On new leases signed over the past two months, the average rent rate is matching our projections.

Additionally, Texas Rent Relief has announced the exhaustion of its funding. No more approvals will be granted and we are directing residents to other charitable organizations that are still providing rent relief.

October 2021

Preserve at Preston

At Preserve at Preston, occupancy is at 94.9%, and collections are at 94.5%.

Distributions

We will continue to send monthly distributions, which will be sent out by the end of the month.

Operations

Occupancy at Preserve at Preston was 94.9% in October (compared to 96.6% in September). Preleased occupancy is at 95.2%. Collections increased to 94.5% in October (compared to 93.1% in September).

Sixteen new units were renovated in October and a total of 252 units have been renovated since acquisition. On new leases signed over the past two months, the average rental rate exceeded our projections by $8.

September 2021

Preserve at Preston

At Preston at Preserve, occupancy is at 96.6% and collections are at 93.1%.

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

Occupancy at Preserve at Preston increased to 96.6% in September (compared to 95.8% in August). Preleased occupancy is higher at 97.6%. Collections were at 93.1% in September (compared to 93.6% in August).

Ten new units were renovated in September and a total of 236 units have been renovated since acquisition. On new leases signed over the past two months, the average rent rate exceeded projections by $8.

August 2021

At Preston at Preserve, occupancy is 95.8% and collections are 93.6%.

Distributions

August marks the second anniversary of ownership at Preserve at Preston. We are happy to announce that we will be distributing a bonus 0.25% distribution with you regular monthly August distribution, which have already been sent.

For year two, we had projected a total return of 8.1% and with this bonus distribution, we will have distributed 8.25% for the year. For those who invested $100,000, you will receive $916.67, $250 as your bonus distribution and $666.67 as your standard monthly distribution.

Congratulations on a successful second year.

Operations

Occupancy at Preserve at Preston increased to 95.8% in August (compared to 93.9% in July). Preleased occupancy is higher at 99.5%. Collections were 93.6% in August (compared to 94.1% in July).

In the month of August, average rents over the past two months were $31 below projections. There is a single floor plan that is bringing down the average, and we are actively working on remedying this by creating a renovation and marketing plan.

July 2021

At Preston at Preserve occupancy is 93.9% and collections are 94.1%.

Distributions

We will continue to send monthly distributions, which will be sent out by the end of the month.

Operations

Occupancy at Preserve at Preston is 93.9% (compared to 95.7% in June). Preleased occupancy is higher at 94.2%. Collections were 94.1% in July (compared to 94.2% in June). Eight new units were renovated in July, for a total of 226 units since acquisition. The positive momentum continued and average rents in July exceeded projections by $5.

June 2021

Occupancy is 95.7% and collections are 94.2% at Preserve at Preston.

Distributions and Financials

We will continue to send monthly distributions, which 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

Occupancy at Preserve at Preston is 95.7% (compared to 95.5% in May) which is encouraging because the market remains down in terms of qualified traffic. In addition to increased occupancy, preleased occupancy is even higher at 98.9% (compared to 96.8% in May). Collections remained steady at 94.2%

No new units were renovated in May, but we are currently performing a mix of unit renovations and continuing to lease classic units to have a good mix of product. Rents are below projections, however, over the last month recently leased renovated units are just $6 below projections and 95.8% of renovated units are being leased.

May 2021

Occupancy increased to 96.5% (up from 95.5%) and collections increased to 96.1% (up from 94.8%) at Preserve at Preston.

Distributions

While momentum remains positive, we feel it prudent to remain on quarterly distributions. The next quarterly distribution is scheduled for the end of July. We will let you know in the June recap email what that distribution amount will be.

Operations

Last month we reported that our occupancy rate was trending towards 96% and have surpassed 96.5%. This is encouraging as the market is still down in terms of qualified traffic. In addition to increased occupancy, preleased occupancy is even higher at 96.8%. Collections on occupied units also increased to 96.1% in May (up from 94.8% in April).

No new units were renovated in May, but we are currently performing a mix of unit renovations and turning classics to have a good mix of product. Rents are below projections by an average of $15. However, over the past two months recently leased renovated units are just $9 below projections and given 74% of recent leases have been renovated units, we are excited by this trend.

Resident Activities

While we remain conscious of our tenants’ and staffs’ health and safety, we hosted a Dessert-To- Go event.

April 2021

Occupancy (95.5%) and collections (94.8%) increased at Preserve at Preston.

Update on Impact of Inclement Weather

The work began May 25^th, we expect it to be completed by June 18^th. The consultants are doing a final sweep here to make sure that there are no more issues or underlying complications from the winter storm. This final sweep will also be submitted in the insurance claim.

Distributions

We will continue to send monthly distributions, which you will receive by the end of the month.

Operations

Occupancy increased for the second straight month to 95.5% (up from 92.6% last month) and preleased occupancy is even higher at 96.0%. Collections on occupied units also increased to 94.8% for April (up from 87.2% for March).

Preserve at Preston has remained a challenging property, operationally. While we have seen recent operational gains, we have faced significant headwinds for the last 18 months. Preserve at Preston continues to remain a top priority of Ashcroft and Birchstone.

We renovated three new units over the last month for a total of 96 units since acquisition. We are missing our projected rents. The levels that we are below our projections is shrinking month by month. The Birchstone takeover has been a positive for the property.

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.

March 2021

Occupancy (92.6%) is up while collections (87.2%) remain a challenge and focus of ours at Preserve at Preston.

Update on Impact of Inclement Weather

Our consultants began scoping accessible units on April 20th. They are returning soon to gain access to the remaining units. We expect them to complete and submit their estimate in the beginning of May.

Distributions + Financials

We will continue to send monthly distributions, which you will receive by the end of the month.

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

Occupancy has increased to 92.6% (up from 90.8% last month) and preleased occupancy is 91.6%. Collections on occupied units decreased to 87.2% for March (93.9% for February), because of a number of residents carrying large balances with no intention of paying. We will continue to work with residents who are facing financial hardships and are communicating with us.

We are still below our rent projections on renovated unit leases, but we are getting closer to our projections. We are missing our projections by $61 (which is a 10% improvement from February) on all renovated unit leases and by $56 (which is a 15% improvement from February) on the 16 renovated units leased over the last three months.

Resident Activities

We continue to be creative with the themes of the resident appreciation events we host while following social distancing guidelines. In April, this included a Pet of the Month event.

February 2021

Occupancy (90.8%) and collections (93.9%) are strong at Preserve at Preston.

Distributions

We will continue to send monthly distributions, which you will receive by the end of the month.

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

Current occupancy is 90.8% and preleased occupancy is 91.3%. Collections on occupied units was 93.9% for February.

There is still a lot of unqualified traffic in the local market, and we have several residents who are carrying large balances with no intention of paying. Our focus remains on being compassionate with residents who are in communication with us and facing difficult situations and helping them get the assistance they need locally and on a state level.

Birchstone, Ashcroft’s in-house property management company, has taken over the management at the Preserve at Preston, and a new site manager is in-place.

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 March, these events included:

Pet of the Month
Breakfast on the Go

January 2021

Occupancy (91.1%) remained in the 90s for the 6^th straight month and collections (94.4%) continue to improve.

Update on Impact of Inclement Weather

Fortunately, no residents were displaced due to the severe weather in DFW. Two pipes did burst on the property but overall the damage is minimal.

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

We will continue to send monthly distributions, which you will receive by the end of the month.

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

Current occupancy is 91.1% (91.3% last month), which is the 6^th consecutive month in the 90s, and preleased occupancy is 91.8%. Collections on occupied units increased to 94.4% in January (93.5% in December).

There are several residents who have large balances with no intention of paying, so we will not be renewing their leases. However, we’re very focused on remaining compassionate and empathetic of the tough circumstances many of our residents are in. We’re constantly helping our residents apply and receive local/state assistance and are incentivizing our leasing agents to facilitate this process. It’s very important to us that any resident who is experiencing a hardship and communicates with us is extended a helping hand.

Renovations

We restarted interior renovations with a scaled down scope in January. So far, we’ve renovated four new units for a total of 96 units since acquisition. We will continue do turn classic units as well to offer a good product mix.

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:

Pet of the Month
Resident Breakfast
Valentine’s Day Cookie Content

December 2020

The occupancy (91.3%) has improved dramatically from the drop into the mid-80s last summer, and collections (93.5%) remain strong. As a result, we plan on restarting our interior renovation program.

Distributions

You will continue to receive monthly distributions, which you will receive by the end of this month.

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 is 91.3% (compared to 92.1% last month), which is the 5^th month in a row occupancy has been in the 90s after dipping into the mid-80s last summer. Preleased occupancy is 93.2%, which would be the highest occupancy since the onset of COVID-19. Collections on the occupied units increased slightly again in December to 93.5% (compared to 93.4% in November).

Because of our improved occupancy and resilient collections, we will slowly restart our interior renovation program. We will also continue to offer classic units at a reduced rent to maintain our positive momentum.

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:

Pet of the Month
Online BINGO
Resident Birthday Cupcake Delivery

November 2020

Occupancy (92.1%) is up, and collections (93.4%) remain strong at Preserve at Preston.

Distributions
You will continue to receive monthly distributions, which you will receive by the end of this month.

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
Occupancy has increased to 92.1% (90.5% last month), marking the 4^th consecutive month of at least 90% occupancy. Preleased occupancy is also 92.1%. Collections on occupied units increased slightly to 93.4% (93.1% last month).

We continue to offer renovated and classic units (with the latter being offered at reduced rents) to have a good mix of product. We plan on rolling out the new partial renovation scope (which has a greater ROI) in early 2021.

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 November’s events. In December, these events will include:

Pet of the Month
Cookie Contest
Patio Decorating Contest

October 2020

Occupancy (90.5%) remains in the 90s and is trending even higher. Collections (93.1%) are strong as well.

Distributions

You will continue to receive monthly distributions, which you will receive by the end of this month.

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 90.5%, marking the third straight month with a 90%+ occupancy rate, compared to the mid-80% occupancy rates during the summer months. Preleased occupancy is 91.5%.

Collections on occupied units remained stable at 93.1% for October, compared to 93.6% for September.

As a reminder, we moved one of our best property managers to Preserve at Preston last month. She is talented, ambitious, and thoughtful. On the deal she managed previously, she was able to achieve and maintain a mid-90% occupancy rate and nearly perfect collections during the pandemic. Therefore, we have the utmost trust in her for this deal.

We will continue to do a mix of renovations and turning classics at a discounted rate until occupancy has stabilized in the mid-90s.

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 last month’s Grab-N-Go lunch box event.

In November, these events will include:

Pet of the Month (click here for a picture of October’s winner)
Canned Food Drive
Turkey Raffle

September 2020

Occupancy (90.5%) and collections (93.6%) both remain strong.

Distributions

We will continue to send out monthly distributions, which you will receive by the end of the month.

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

Occupancy has remained in the 90s for the second straight month since dropping to the mid-80s in August. Current occupancy is 91.3% and we are trending even higher at 91.1% through the end of the month.

Collections increased last month. We collected rent on 93.6% of occupied units (compared to 91.6% in August).

Though occupancy has improved we are still not satisfied with remaining in the low 90’s. Therefore, we have decided to move one of our ‘Top 3’ property managers permanently over to Preserve at Preston. She has proven herself numerous times and we are excited for her to take Preserve to the next level.

Renovations

We continue to do a mix of unit renovations and turning classic units to offer a diverse mix of product to prospective residents.

We will, however, transition to a partial renovation once occupancy has reached the mid-90s. We determined that we could achieve a higher ROI with a lower spend per unit.

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 from last month’s Grab-N-Go Breakfast event.

In October, these events will include:

Pet of the Month (click here for September’s winner)
State Fair Grab-N-Go Boxes (click here for a pictures)
Online Trivia Contest

August 2020

Occupancy (90.8%) has continued to improve. It is currently and trending in the 90’s. Collections (91.6%) remained strong as well.

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 30^th.

Distributions

We will continue to send monthly distributions, which you will receive by the end of the month.

Operations

Occupancy has increased for the third straight month and is back into the 90’s. Current occupancy is 90.8% (up from 86.6% last month) and preleased occupancy is even higher at 92.6%.

We experienced a minor dip in collections but remain above 90%. The collections rate for occupied units in August was 91.6% compared to 95% in July. Additionally, earlier this month, the CDC issued an eviction moratorium effective from September 4^th to December 31^st. Click here for article with more details on the moratorium.

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, Frank remains in DFW and will continue to spend time at Preserve at Preston, focusing on maintaining and growing both occupancy and collections.

Renovations

Now that we are above 90% occupied, we’re working with the site on the roll out of the new interior upgrade program that we expect will generate the same premium at a lower cost basis. We came to this projection based on our analysis of our competitors in the market as well as our new manager understanding the demographics of the property.

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 September, these events will include:

Pet of The Month (Click here for a picture of this month’s winner)
State Fair Grab-N-Go Boxes
Online Trivia Contest

July2020

Distributions

We will continue to send monthly distributions at Preserve at Preston. You will receive your next distribution by the end of the month.

Operations

Occupancy continues to be a challenge but is improving and nearing 90%. Collections remain strong with a 95%+ collections rate again in July. However, the occupancy rate did increase to 86.6% (compared to 84.7% last month) and we are projecting 89.7% through the end of the month. This improvement in occupancy is largely due to the new manager and her team. Additionally, the implementation of the action items City Gate and Ashcroft co-Founder Frank Roessler (who has temporarily relocated to Dallas and is spending a lot of time at Preserve at Preston) developed have greatly assisted as well. These include:

Upgrading to the highest level on Apartments.com (Diamond Plus)
Offering specials and bonus incentives on our stale units (i.e., vacant for 30 days or longer)
Increasing our presence on Facebook and Google
Hiring a human sign spinner

Collections remain strong. Specifically, the collection rate on the occupied units was over 95% in July. Therefore, the focus is on continuing to improve the occupancy rate.

Renovations

Rather than fully renovating non-upgraded vacant units, we are turning classic units. However, once Preserve at Preston has stabilized, we will reduce the scope of renovations. Frank toured competitor properties and determined that we can achieve the same projected rental premium with a lighter spend.

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:

Cookies and Treats
Renewal Party Chicken Bites
Street Bites To Go (click here for a picture)

June 2020

The operations at Preserve at Preston continue to be impacted by the coronavirus and the resulting unemployment. Collections remain strong but occupancy continues to be our main challenge. Ashcroft Capital co-founder Frank Roessler has temporarily relocated to Dallas to help our management team improve the operations.

As always, our focus remains the same – the preservation of your capital investment.

Here are updates on what we’ve done at Preserve at Preston over the previous 30 days to preserve your capital investment:

Distributions

Due to our strong collections since the onset of the coronavirus pandemic, we will be able to send another monthly distribution for Preserve at Preston. You will receive your distribution by the end of the month.

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

Maintaining occupancy continues to be the number one challenge at Preserve on Preston. The current occupancy is 84.7% and preleased occupancy is 85.3%. As we mentioned last month, this is due in part to the property manager not being to the level we need at Preserve on Preston. We now have a new manager, Corrie, who came over from LIV on the Green. Before we acquired Preserve on Preston, the previous owner brought her over to stabilize the asset from an under performing property manager. She was successful then, so we are confident that she will be successful now. Since taking over, Corrie has been proactive and is building a solid team, including two new leasing agents and an assistant property manager who previously worked at The Avery.

Another action we’ve taken to improve the operations at Preserve on Preston is temporarily relocating our co-Founder, Frank, to Dallas. He has and will continue to spend a significant amount of time at Preserve on Preston. Frank and the team have been putting their heads together to figure out how to get to 95% occupancy as soon as possible.

Here is a list of actions taken so far:

Upgraded to the highest level on Apartments.com (Diamond Plus)
Offering specials and bonus incentives on our stale units
Increased presence on Facebook and Google
Hired a human sign spinner
Stayed open on the Fourth of July
City Gate is currently creating a plan of action to ramp up marketing efforts to increase traffic.

We moved off of Lease Rent Options (i.e., dynamic pricing) and set new rents with the goal of getting back to 90% occupancy.

Also, we are focusing on increasing revenue in other ways. For example, we’re increasing carport occupancy.

Renovations

We are continuing to move forward with interior renovation projections. However, we are doing a mix of upgraded units and turning classic units to have a good mix of product.

Also, Frank toured all the surrounding competitor communities. We’re going to test out a new, reduced renovation scope that will be more in-line with the market and should deliver solid premiums.

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:
Taco Tuesday
Yappy Hours at the Dog Park
July Birthday Cookies

May 2020

The operations at Preserve on Preston have been affected by both the coronavirus pandemic and the resulting unemployment, as well as by now-resolved management challenges. Our current residents are paying rent, but as you will see in more detail below, the challenge is finding new qualified residents.

As always, our focus remains the same – the preservation of your capital investment.

Here are updates on what we’ve done at Preserve on Preston over the previous 30 days to preserve your capital investment.

Distributions

Due to the strong collections since the onset of the coronavirus pandemic, we will be able to continue to send out monthly distributions for Preserve at Preston. You will receive your distribution by the end of the month.

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

Maintaining occupancy is the number one challenge at Preserve on Preston current occupancy is 87.7% (compared to 89.0% last month) and preleased occupancy is 87.0%.

One reason for the sub-90% occupancy is that many prospective residents do not meet our strict qualifications because they have debts with other landlords and/or lost their jobs. Another reason was our property manager not performing at the level we need at this property. City Gate, our property management company, terminated this manager and replaced her with a new manager that will help us achieve our goals. We also hired two new leasing agents.

The new manager was moved over from another asset in our portfolio, LIV on the Green. In fact, she was the manager at Preserve at Preston before we owned it. The previous owner brought her over for similar reasons – to replace an underperforming property manager. Therefore, she has previous experience at this property and in the submarket, so we’re expecting that she is the long-term answer for us here.

In addition to bringing over a new property manager and hiring more leasing agents, we have also moved our rents to LRO (i.e., dynamic pricing) at the recommendation of our management company. This new pricing structure, which lowers the rents, should help us get our occupancy back above 90%.

Collections from the in-place residents has been strong. This means we don’t expect a large uptick in bad debt once the eviction moratorium set forth in the CARES Act expires in August.

Renovations

We are continuing to move forward with interior renovation projects. However, due to the move to LRO pricing to increase occupancy, the rents demanded on our upgraded units are below our projections. These reductions should be temporary and will reset once we’ve increased the occupancy rate and collections.

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:

Live at Five Bingo
Kona Ice Truck
Father’s Day Cookies with Dad

April 2020

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

Here are some updates on Preserve at Preston over the previous 30 days:

Distributions

We are happy to announce that because of the strong rental collections during the month of April and month-to-date in May, we will be able to continue to send out monthly distributions for Preserve at Preston. You will receive your distribution by the end of the month.

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

Month-to-date rent collections in May have been strong and we are expecting them to trend in-line with April collections.

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:

Live at Five Virtual Bingo
Kona Ice Truck
Virtual Birthday Celebrations for May

March 2020

Distributions

One major area of focus has been rent collections. We are happy to report that based on the month-to-date collections at Preserve at Preston, we will be able to send your full distribution by the end of the month. We will continue to monitor collections and the business plan in future months but are initially pleased with this outcome considering countless industries are being disrupted by COVID-19.

Keep in mind that our breakeven occupancy is 74.2%. This means we will be able to cover all expenses and conserve your investment, at an occupancy rate that is 74.2% 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 Preserve at Preston.

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 6 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 expenses.

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

Everyone at Preserve at Preston 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:

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

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

Capital expenditure update:

- Installing Amazon Lockers week of March 16th

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

- Pizza Renewal Party – March 5th
- St. Patty Happy Hour – March 17th
- Pancakes and Pajamas – March 28th

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 Preserve at Preston 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.

Here are some property-specific updates from the month of January.

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

Capital expenditure update:

- Landscaping overhaul is completed
- Concrete and masonry repairs are completed
- Installing Amazon Lockers February 25th

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

- Kids Valentine Crafts – February 6th
- Wine Down Wednesday – February 12th
- Facebook Bingo – February 27th

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.

November 2019

We are beating our projected rents by $20 for all newly-renovated unit leases.

Capital expenditure updates:

- We officially rebranded to Preserve at Preston and the new monument sign is installed (Click here for pictures). HD pictures will be coming soon
- Click here for HD pictures of the completed model unit
- Landscaping overhaul is in progress
- Concrete and masonry repairs are underway

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

- Toys For Tots – December 5th
- It’s a Wrap Gift Station – December 16th to 20th
- New Years Gingerbread House Kids Event – December 28th

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 have completed renovations on the first 5 units and they are currently being marketed for rent:

- Click here for a picture of the renovated model unit.
- All exterior projects are moving forward.

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

- Munchies At The Mailbox – November 7th
- Breakfast On The Go – November 19th
- Donuts & Crafts – November 23rd

In related news, the US census is hiring nearly 33,000 people in Dallas and Fort Worth to count every person living in the Dallas-Fort Worth Metroplex in 2020. Pay is expected to range from $18 to $25 an hour. Click here to learn more.

September 2019

As a reminder, we will send the first distribution for the Highlands of Preston at the end of October. It will cover the time we owned the property in August (16th to 31st) and all of September. Also, if you submitted your funds 30 days prior to the closing date (before July 16th), you will receive an annual interest rate of 0.4%, or ~0.033% per month. For a $100,000 investment, that would be ~$33.33. This interest will be included in your first monthly distribution as well.

After the first distribution, we will send the prorated 7.2% by the end of each month, starting in November. Then, after 12-months of ownership, we will evaluate the performance of the Highlands of Preston and cash flow above the 7.2% will be distributed, if applicable.

We are in the process of renovating 5 units

All exterior projects are moving forward

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

- Meet The New Manager – 10/11
- Brunch – 10/19

August 2019

Welcome to your first monthly recap email for the Highlands of Preston.

We will send the first distribution for the Highlands of Preston at the end of October. It will cover the time we owned the property in August (16th to 31st) and all of September. Also, if you submitted your funds 30 days prior to the closing date (before July 16th), you will receive an annual interest rate of 0.4%, or ~0.033% per month. For a $100,000 investment, that would be ~$33.33. This interest will be included in your first monthly distribution as well.

We are obtaining bids for all interior and exterior capex projects

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

- New Staff Meet-and-Greet – 9/6
- Blanket Top Theater – 9/18
- Sip and Paint – 9/25

In related news, the ride-sharing company Uber plans on opening a new regional hub in downtown Dallas. This is expected to bring about 3,000 new jobs to the area and result in a $400 million annual payoff. Click here to learn more.