* Previously known as Park Village
April 2023
At Westmoor, occupancy was 90.3% and collections were 93.2%.
Operations
In April, occupancy increased slightly from 90.0% in March with a trending occupancy of 93.4%. Collections increased in April compared with 92.2% in March.
We are beginning to see a strong uptick in interest through May. This interest is coming primarily from better qualified tenants, which will allow us to continue to improve our collections numbers as we continue to improve the tenant base at this property.
In April, two new renovations were completed. Overall, as we set out in our business plan, we have 247 of the 350 units renovated to the finish level. We continue to focus on maximizing the net operating income at the asset with a higher focus on driving occupancy and collections first.
April saw 1.2% growth in Gross Potential Rent (“GPR”) relative to March for a year-to-date GPR growth of 2.6%.
Distributions
We will continue to send monthly distributions, the next of which will be sent 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 Westmoor, occupancy was 90.0% and collections were 92.2%.
Operations
In March, occupancy decreased from 92.3% in February, with a trending occupancy of 90.3%. Collections increased in March compared to 88.1% in February.
As we have discussed in past months, the implementation of Snappt has greatly improved our ability to filter out fraudulent applications. The high volume of fraudulent applications identified has had a positive impact on collections but has limited our occupancy. The impacts to occupancy are compounded by continued evictions of nonpaying tenants. As we continue to improve the tenant quality at the asset, we anticipate occupancy to continue to incrementally rise.
We did not complete any new renovations in March. Our focus continues to be on improving the overall collections and occupancy rates first. We will perform renovations for units that would require a larger than normal turnover cost but continue to pause our large-scale renovation plans to conserve capital in these uncertain economic times.
March saw 0.3% growth in Gross Potential Rent (“GPR”) relative to February, for a year-to-date GPR growth of 1.4%. We are proud to see continued rental rate rises at the asset. Our goal is to maximize overall NOI, and given the current economic conditions, we continue to push rents while maintaining ever-improving collections and limited impacts to occupancy.
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.
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.”
For security and privacy purposes, Ashcroft and its representatives are unable to make updates on your behalf.
February 2023
At Westmoor, occupancy was 92.3%, and collections were 88.2%.
Operations
In February, occupancy decreased from 93.4% in January, with a trending occupancy of 92.8%. Collections increased in February compared to 88.2% in January.
We are seeing steady improvement in collections because underqualified tenants are not being renewed, and we are seeing better traction with higher-quality tenants in the market.
Since acquisition, 269 units have been renovated, with no new renovations completed in February.
February saw a 0.4% growth in Gross Potential Rent (“GPR”) relative to January, for a year-to-date GPR growth of 1.0%. We look forward to sustained revenue growth in 2023; albeit, we anticipate growth more in line with historic averages versus the extremely high growth we have seen over the past 18 months.
Distributions
We will continue to send monthly distributions, which we will send 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.”
For security and privacy purposes, Ashcroft and its representatives are unable to make updates on your behalf.
January 2023
At Westmoor, occupancy was 93.4%, and collections were 87.4%.
2022 K-1
We anticipate having your 2022 K-1 available via your portal no later than March 31, 2023.
Operations
In January, occupancy decreased from 95.7% in December, with a trending occupancy of 93.4%. Collections increased in January compared to 85.7% in December.
We are starting to see some early signs of positive collection growth with the rollout of Snappt, our anti-fraud software. Although the additional scrutiny on potential tenants has had an impact on occupancy, we will be in a better place in the long term, with more qualified tenants in the property.
Additionally, 269 units have been renovated since acquisition, with no new renovations completed in January.
January saw 0.6% growth in gross potential rent (GPR) relative to December. We look forward to sustained revenue growth in 2023, although we anticipate growth more in line with historic averages rather than the extremely high growth we have seen over the past 18 months.
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 Westmoor, occupancy was 95.7%, and collections were 85.7%.
2022 K-1
We anticipate having your 2022 K-1 available via your portal no later than March 31, 2023.
Operations
In December, occupancy decreased from 96.6% in November with trending occupancy of 94.8%. Collections increased to 85.7% in December compared to 83.2% in November.
Last month, we discussed the challenge with fraudulent applications at Westmoor. We have rolled out a new software package, Snappt, to help identify these digitally altered statements to help continue increasing collections going forward.
We continue to process evictions, but as we noted last month, this is a slow process.
A total of 269 units have been renovated since acquisition with no new renovations completed in December.
December saw 0.8% growth in Gross Potential Rent (“GPR”) relative to November, bringing our year-to-date growth to 11.2% 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 Westmoor, occupancy was 96.6%, and collections were 83.2%.
2022 K-1
We anticipate having your 2022 K-1 available via your portal by 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 that your address, tax number, and name are all correct. Once you are logged in, click “Settings” at the top right of the 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 by 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 increased slightly from 96.3% in October, with a trending occupancy of 97.1%. Collections declined in November compared to 83.9% in October.
Westmoor continues to receive a high volume of fraudulent applications, which includes fraudulent income backup. These fraudulent documents were difficult to detect, causing leases to be signed with unqualified tenants. To address the rise in fraudulence, we are rolling out new software designed to help identify these digitally altered statements to decrease fraudulent applications and increase collections going forward.
Two new renovations were completed in November, bringing us to 269 units fully renovated since acquisition.
In November, we saw 0.8% growth in gross potential rent relative to October, bringing our year-to-date growth to 10.5% 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.
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.
October 2022
At Westmoor, occupancy was 96.3%, and collections were 83.9%.
Operations
In October, occupancy decreased slightly compared to 96.6% in September, with trending occupancy of 97.1%. Collections declined in October compared to 86.7% in September.
Three new renovations were completed in October, bringing us to 267 units fully renovated since acquisition.
October saw 1.3% growth in gross potential rent relative to September, bringing our year-to-date growth to 9.7% 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 Westmoor, occupancy was 96.6%, and collections were 86.7%.
Operations
In September, occupancy increased to 96.6% compared to 96.3% in August, with a trending occupancy of 96.9%. Collections declined in September compared to 88.8% in August.
Two hundred sixty-four units have been renovated since acquisition. No new units were renovated in September.
September saw 0.9% growth in gross potential rent relative to August, bringing our year-to-date growth to 8.2% 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
September marks the fourth anniversary of Westmoor. 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 Westmoor, occupancy was 96.3% and collections were 88.8%.
Operations
In August, occupancy was 96.3% (compared to 95.6% in July), and trending occupancy is 97.7%. Collections were 88.8% in August (compared to 93.3% in July).
In August, eight renovated units were delivered. Since acquisition, we have renovated 264 units.
August saw 0.5% growth in Gross Potential Rent (“GPR”) relative to July, bringing our year-to-date growth to 7.3% 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. We reported a handful of roof leaks. No further damage was discovered after this storm. We have repaired all damages to the property. Overall, our damages were below $10,000 at the property.
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 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 Westmoor, occupancy was 96.3% and collections were 93.3%.
Operations
In July, occupancy increased to 96.3% (compared to 95.7% in June) and trending occupancy is 96.6%. Collections were 93.3% in July compared to 91.6% in June.
In July, two renovated units were delivered. Since acquisition, we have renovated 256 units.
July saw 1.4% growth in Gross Potential Rent (“GPR”) relative to June. For 2022, GPR has grown 6.7% 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 a handful of roof leaks reported. We will file a claim with our insurance provider, if the damages exceed our deductible. If any additional damages are reported, 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 1st. Historical K-1s will be transitioned over to Juniper Square. However, any other information should be downloaded by August 31st. 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 Westmoor, occupancy was 95.7%, and collections were 91.6%.
Operations
In June, occupancy increased to 95.7% (compared to 96.9% in May), and trending occupancy is 99.1%. Collections were 91.6% in June (same as in May).
254 units have been renovated since acquisition and no additional units were renovated in June.
June saw 0.7% growth in Gross Potential Rent (“GPR”) relative to May. For 2022, GPR has grown 5.2% 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.
May 2022
At Westmoor, occupancy was 96.9%, and collections were 91.6%.
Operations
In May, occupancy increased to 96.9% (compared to 94.3% in April), and trending occupancy is 92.0%. Collections on occupied units were 91.6% (compared to 93.6% in April).
No new renovations were completed in May, and 254 units have been renovated since acquisition. On new leases signed over the past two months, the average rent rate exceeded projections by $225.
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 Westmoor, occupancy was 94.3%, and collections were 93.6%.
Operations
In April, occupancy was 94.3% (compared to 94.8% in March), and trending occupancy is 92.6%. Collections on occupied units were 93.6% (compared to 94.4% in March).
Two new renovations were completed in April, and 254 units have been renovated since acquisition. On new leases signed over the past two months, the average rent rate exceeded projections by $225.
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 Westmoor, occupancy was 94.8%, and collections were 94.4%.
Operations
In March, occupancy was 94.8% (compared to 95.1% in February), and trending occupancy is 88.5%. Collections on occupied units were 94.4% (compared to 94.5% in February).
No new renovations were completed in March, and 252 units have been renovated since acquisition. On new leases signed over the past two months, the average rent rate exceeded projections by $237.
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 Westmoor, occupancy was 95.1%, and collections were 94.5%.
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 increased to 95.1% (compared to 93.9% in January), and trending occupancy is 93.4%. Collections on occupied units were 94.5% (compared to 95.2% in January).
Two full renovations were completed in February, and 252 units have been renovated since acquisition. On new leases signed over the past two months, the average rent rate exceeded projections by $240.
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.
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 or you can call us at (646) 308-1511.
January 2022
Operations
In January, occupancy was 94.0% (compared to 96.0% in December), and trending occupancy is 93.4%. Collections on occupied units increased to 95.2% (compared to 91.3% in December).
Five full renovations were completed in January, and 250 units have been renovated since acquisition. On new leases signed over the past two months, the average rent rate exceeded projections by $236.
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 Westmoor, occupancy was 96.0%, and collections were 91.3%.
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 was 96.0% (compared to 96.9% in November), and trending occupancy is 95.7%. Collections on occupied units were 91.3% (compared to 92.5% in November).
No full renovations were completed in December and a total of 245 units have been renovated since acquisition.
On new leases signed over the past two months, the average rent rate exceeded projections by $202.
November 2021
At Westmoor, occupancy was 96.9% and collections were 92.5%.
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 increased to 96.9% (compared to 94.6% in October), and trending occupancy is at 96.3%. Collections on occupied units were 92.5% (compared to 92.9% in October).
No renovations though we are actively renovating one unit, which should be completed shortly. A total of 245 units have been renovated since acquisition. In previous updates, there were units reported that were contracted for upgrade, but the work had not commenced. Some units have been removed from the pipeline and therefore the count has decreased.
On new leases signed over the past two months, the average rent rate exceeded projections by $193. 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
Distributions
We will continue to send monthly distributions, which will be sent out by the end of the month.
Operations
Current occupancy is at 94.6% (compared to 94.8% in September), and preleased occupancy is higher at 95.9%. Collections on occupied units increased to 92.9% in October (compared to 90.2% in September).
No new units were renovated. As a reminder, we have renovated a total of 246 units since acquisition. On new leases signed over the past two months, the average rental rate exceeded our projections by $164.
September 2021
Westmoor
At Westmoor, occupancy is at 94.8% and collections are at 90.2%.
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 94.8% (compared to 94.6% in August), and preleased occupancy is higher at 98.6%. Collections on occupied units increased to 90.2% in September (compared to 89.4% in August).
In September, we renovated 23 units for a total of 246 units since acquisition. On new leases signed over the past two months, the average rent rate exceeded projections by $160.
August 2021
At Westmoor, occupancy is 94.6% and collections are 89.4%.
Distributions
Monthly distributions were sent out yesterday with the accompanying email notification.
Operations
Current occupancy is 94.6% (compared to 94.8% in July), and preleased occupancy is higher at 98.3%. Collections on occupied units were 89.4% for August (compared to 91.7% in July).
In the month of August, average rents over the past two months exceeded projections by $121.
July 2021
At Westmoor, occupancy is 94.8% and collections are 91.7%.
Distributions
We will continue to send monthly distributions, which will be sent out by the end of the month.
Operations
Current occupancy is 94.8% (compared to 95.4% in June), and preleased occupancy is 95.1%. Collections on occupied units were 91.7% for July (compared to 92.7% in June). In July, we renovated seven units for a total of 220 units since acquisition. The property continues to be the submarket leader in occupancy and rent. Over the past two months our average rents exceeded our projections by $117.
June 2021
Occupancy is 95.4% and collections increased to 92.7% at Westmoor.
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
Current occupancy is 95.4% (compared to 95.4% in May) and preleased occupancy increased to 99.4%. Collections on occupied units were 92.7% for June (compared to 90.6% in May). The efforts by our management team to helps residents with local/state/federal assistance have led to increased collections in consecutive months.
To date we have renovated 213 units since acquisition. The property has become the sub-market leader in occupancy and rent. Our average rents are currently $50 over our projections and in June recent rents surpassed projections by $108.
May 2021
Occupancy is strong at 96.6% and is trending in the high 90’s. Collections at Westmoor are at 90.6%.
Distributions
We will continue to send monthly distributions, which you will receive by the end of the month.
Operations
Current occupancy is 96.6% (up from 95.4% last month) and preleased occupancy is 97.4%. Collections on occupied units were 90.6% for May. Our management team continues efforts to help residents apply for local/state/federal assistance and are incentivizing staff to help as well.
Three new units were renovated over the last month for a total of 213 units since acquisition. The property has become the sub-market leader in occupancy and rent. Our average rents are currently $45 over our projections. Additionally, over the past two months 38 upgraded units were leased and these units beat our projections by an average of $77.
Resident Activities
We are continuing to be creative with the themes of the resident appreciation events we are hosting. And these included:
- Summer Pool Party
- Breakfast Tacos
April 2021
Occupancy (95.4%) is strong and collections (91.4%) increased at Westmoor.
Update on Impact of Inclement Weather
Starting on May 17th and continuing until May 26th, the initial scope as well as the supplemental scope has been completed at Westmoor. Both portions will be included in the insurance claim we are filing.
Distributions
We will continue to send monthly distributions, which you will receive by the end of the month.
Operations
Current occupancy is 95.4% (same as last month) and preleased occupancy is 94.8%. Collections on occupied units increased to 91.4% for April (up from 88.5% last month). This is due in part to our management teams efforts to help residents apply for rent relief, which led to $32,000 in rent relief being processed.
Two new units were renovated over the last month for a total of 210 units since acquisition. We are beating our rent projections by $30 on all upgraded unit leases and by $61 on the 55 upgraded units leased over the last three months.
Resident Activities
We are continuing to be creative with the themes of the resident appreciation events we are hosting to follow the social distancing guidelines. In May, these events included:
- Pizza party for residents
- Stop by and cool off with a snow cone event
March 2021
Occupancy (95.4%) remains in the mid-90s while collections (88.5%) are becoming a challenge which we are focused on resolving at Westmoor.
Update on Impact of Inclement Weather
Our consultant submitted their reconstruction estimate on April 27th. We are working together with our insurance provider to approve the scope of work.
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
Current occupancy is 95.4% and preleased occupancy is 96.6%. Collections on occupied units decreased to 88.5% for March (compared to 97.0% for February). As you can see, we are starting to experience an increase in delinquency as the economic fallout of COVID continues to drag out. We had several evictions at the end of the month. Several other residents are waiting on rental assistance to cover their March rent, so collections should increase as those payments come in. We are pushing residents with balances to apply for local, state, and federal assistance, as well as incentivizing our staff to increase collections.
We are exceeding our projected rents by $70 on all previously renovated unit leases and by $79 on the 20 upgraded 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, these events included:
- Entrata Party
- National Cherry Cheesecake Day
February 2021
Occupancy (96.0%) is up and collections (92.1%) are strong at Westmoor.
Distributions
As a reminder, we received our COVID funds out of escrow last month. As a result, we sent you a distribution equal to 3.5% of your equity investment, along with the regular 1/12 of the 8% annualize return. For example, if you invested $100,00, you received $4,166.67.
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
Occupancy increased to 96.0% (93.3% last month) and preleased occupancy is even higher at 97.0%.
Birchstone, Ashcroft’s in-house property management company, has taken over the management at the Westmoor.
We increased rents by $50 on the two-bedroom floorplans last month. As a result, rents on previously upgraded units are exceeding our projections by $63. We are exceeding our rent projections by $70 on the 16 previously upgraded units leased over the past three months.
Resident Activities
We are continuing to be creative with the themes of the resident appreciation events we are hosting to follow the social distancing guidelines. In March, these events included:
- Build Your Own Waffle Event
- Pop In for Drinks and Popcorn
January 2021
Occupancy (92.3%) and collections (93.3%) remain strong at Westmoor.
Update on Impact of Inclement Weather
Fortunately, no residents were displaced. The model unit and a few occupied units sustained minor water damage, which will be addressed by our maintenance team at minimal costs.
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.
Additionally, we received our COVID funds out of escrow this week. As a result, we are sending you a distribution equal to 3.5% of your equity investment by the end of the month, along with the regular 1/12 of the 8% annualize return. For example, if you invested $100,00, you will $4,166.67.
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 92.3% and preleased occupancy is 95.1%. Collections on occupied units was 93.3% for January.
While collections have been strong, we are starting to experience an increase in delinquency as the economic fallout from COVID continues. 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
One new unit was renovated over the last month for a total of 212 units since acquisition. We are exceeding our rent projections by $56 on all upgraded unit leases and by $68 on the 29 upgraded units leased over the past three months.
As a result, we decided to increase rents by $50 on the two-bedroom floorplans.
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:
- Sweet Show for My Sweet Residents
- National Margarita Day
December 2020
Both occupancy (94.6%) and collections (94.2%) improved at Westmoor.
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 increased to 94.6% (compared to 93.7% last month). Preleased occupancy is even higher at 95.1%. Collections also improved in December. Rent was collected on 94.2% of the occupied units (compared to 92.9% 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. In January, these events included:
Sweet Cinnamon Rolls and Coffee on the Go
Grab and Go Popcorn
November 2020
Occupancy (93.7%) and collections (92.7%) remain strong at Westmoor.
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
Current occupancy is 93.7% and preleased occupancy is 95.0%. Collections on occupied units is 92.9%.
We renovated another two units over the last month for a total of 210 since acquisition. Rents on upgraded units are exceeding our projections by $53.
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 December, these events will include a Holiday door decorating contest.
October 2020
Occupancy (94.9%) and collections (95.4%) continue to be virtually unaffected by the pandemic.
Distributions
You will continue to receive monthly distributions, which you will receive by the end of this month.
As a reminder, October marked the 2nd full year of ownership of Westmoor. You received an additional 1% of your equity investment on top of your regular prorated 8% monthly return last month. When added to the year 1 return (9%) and the supplemental loan distribution (20%), you have received a total return of 38% in two years, or 19% per year.
Congratulations again on a second successful year. We will re-evaluate Westmoor’s performance again in another 12 months and send an extra distribution if applicable.
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 94.9%. Occupancy has been at least 94% since November of 2019 – 13 months in a row. Preleased occupancy is 95.4%. Collections on occupied units is 94.2% for October.
We decided to hold off on increasing rents for the fourth time in six months to remain conservative. The plan is to increase the rents in Q1 of 2021.
Renovations
We renovated another two units over the last month. Rents on upgraded units are exceeding our projections by $48. Rents on the 22 units upgraded over the last three months are $63 above our 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. Click here for pictures from October’s Halloween themed resident appreciation events.
In November, these events will include:
- Hot Chocolate Bar
- Virtual Movie Night
September 2020
This month marks the 12th month in a row occupancy (96.3%) has been above 94%. Collections (96.1%) remained strong as well.
Distributions
This month marks our 2nd full year of ownership of Westmoor. Because of the strong performance over the past 12 months, we will receive a higher distribution this month. In addition to your regular prorated 8% monthly return, you will receive another 1%. This brings the total year 2 return to 9%, which is greater than our original year 2 projection of 8.8%.
If you invested $100,000, for example, you will receive $1,666.67 by the end of the month. Starting again next month, you will receive the regular 8% prorated monthly distributions. In another 12 months, we will re-evaluate Westmoor’s performance and send a higher distribution if applicable.
As a reminder, you received a distribution equal to 20% of your investment in April from the supplemental loan proceeds, and your year 1 return was 9%. Therefore, you have received 38% (9% + 20% + 9%) of your investment back within 24 months, which equates to a 19% return per year.
Congratulations on a second successful year.
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 96.3%, which is the 12th straight month occupancy has been above 94%. Preleased occupancy is 96.9%. Collections on occupied units is up to 96.1% (compared to 95.6% in August).
We plan on increasing rents by the end of the year, which would be the fourth increase in rent in the last 6 months.
Renovations
We renovated 12 new units since last month’s recap email. Overall, we are exceeding our projected rents by $45. Over the last three months, we are exceeding our projected rents by $59 on 24 upgraded units.
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:
- Donuts on the Go
- Front Door Decorating Content
August 2020
Westmoor continues to perform well during COVID-19. Occupancy (96.6%) remains in the high 90s and collections (95.6%) are still strong.
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 continue to send monthly distributions. You will receive your next distribution by the end of the month.
Operations
This month marks the 11th straight month occupancy has been at least 94%. Current occupancy is 96.6% and preleased occupancy is 98.9%. Collections is also strong with 95.6% of rents collected from occupied units in August.
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 Westmoor’s outstanding performance before and throughout COVID, 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
We are beating our projected rents by an average of $41 on the 14 renovated unit leases over the past three months.
Resident Activities
We are continuing to be creative with the themes of the resident appreciation events we are hosting to follow the social distancing guidelines. Click here for pictures from last month’s events.
In September, these events will include:
- Popcorn Friday
- Stay Cool & Grab a Popsicle
July 2020
Westmoor remains not only one of the best performing assets in our portfolio but is also the submarket leader in rent and occupancy for the third straight month.
Distributions
We will continue to send monthly distributions for Westmoor. You will receive the next distribution by the end of the month.
Operations
Occupancy has been at least 94% at Westmoor for the last 10 months. Current occupancy is 97.1% and preleased occupancy is 97.6%. Collections also remain very strong.
Due to the high occupancy and strong collections, we decided to increase rents across all floor plans by $25. This is the third time we have increased rents in the last six months.
Renovations
We continue to move forward with interior renovations. We are exceeding rents by $37 on all upgraded units. Over the last three months, we have also leased 24 upgraded units an average of $44 higher than our 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 August, these events will include:
- Popcorn Friday
- Stay Cool & Grab a Popsicle
June 2020
We are proud to announce that Westmoor is still one of the best performing assets in our entire portfolio. It has remained the submarket leader in occupancy and rent for the second straight month.
Here are some other updates on Westmoor over the previous 30 days:
Distributions
Due to the strong collections and occupancy, we will be able to continue to send out monthly distributions for Westmoor. 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
The current occupancy rate is 97.1% and preleased occupancy is 99.0%. This marks the 9th month in a row in which occupancy has been at least 94%.
Westmoor is one of our best performing assets. The new manager, formerly the assistant manager, has stepped up tremendously so that the property hasn’t skipped a beat.
Due to our high occupancy trends, we’ve been able to increase rents twice in the past six months. We are implementing another increase of $30 starting this month.
Additionally, our actual expenses continue to be in-line with our initial projections and collections remain strong.
Renovations
We are continuing to move forward with interior renovation projects. The upgraded units continue to garner demand and new leases. The rents on all upgraded units are exceeding projections by an average of $36. Over the previous three months, 25 upgraded units were leased at an average of $52 greater than our projections.
Resident Activities
We are continuing to be creative with the types of resident appreciation events we are hosting to follow the social distancing guidelines. In July, these events will include:
Popcorn Friday
Virtual Bingo
Popsicle Cool Off Day
May 2020
We are proud to announce that Westmoor is one of the best performing assets in our entire portfolio. In fact, it has become the submarket leader in occupancy and rent.
Here are some other updates on Westmoor over the previous 30 days:
Distributions:
Due to the strong collections and occupancy, we will be able to continue to send out monthly distributions for Westmoor. 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:
The current occupancy rate is 96.0% and preleased occupancy is 98.29%. This marks the 8th month in a row in which occupancy has been at least 94%.
Additionally, our actual expenses continue to be in-line with our initial projections.
Rent collections have continued to be extraordinarily strong. So strong that we’ve been able to increase our rents twice in the past six months.
Renovations:
We are continuing to move forward with interior renovation projects. The upgraded units continue to garner demand and new leases. The rents on all upgraded units are exceeding projections by an average of $33. Over the previous three months, 18 upgraded units were leased at an average of $46 greater than our projections.
April 2020
We have continued to focus on the preservation of your capital investment during the coronavirus pandemic.
Here are some updates on Westmoor 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 Westmoor. 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 walkthroughs 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:
-
Door Decorating Contest
-
Donuts On The Go
March 2020
Distributions
One major area of focus has been rent collections. I am happy to report that based on the month-to-date collections at Westmoor, 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 72.5%. This means we will be able to cover all expenses, and conserve your investment, at an occupancy rate of 72.5% or higher.
Additionally, we secured a supplemental loan on Westmoor. We were able to successfully close on this despite the challenges the pandemic has created because of the increased value of the property from our business plan to date. Your portion of the supplemental loan proceeds will be equal to 20% of your initial investment. If you invested $100,000, for example, you will receive an additional $20,000. The supplemental loan distributions were scheduled to be sent on April 21st and received no later than April 26th via the same method you receive your monthly distributions. I have heard from several investors that you have already received your distribution (I received my LP distribution as well) which is great. Hopefully, the monthly update clears up any confusion regarding the distribution.
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 Westmoor.
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 9 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 Westmoor 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:
-
Virtual Movie Night
-
Social Distance Egg Hunt
-
Virtual Community Bingo
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. You will receive an email once they are available.
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’ve 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 exceeding our projected rents by $26 for all newly-renovated unit leases
There were no vacant, nonrenovated units to renovate in February at Westmoor.
The following resident appreciation and retention events are being/were hosted in March:
-
- Salsa Day – March 6th
- Cereal Bar – March 14th
- Crime Watch Meeting – March 31st
- Popcorn Friday – Every Friday
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
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 exceeding our projected rents by $20 for all newly-renovated unit leases.
The following resident appreciation and retention events are being/were hosted in February:
-
- Resident Appreciation Thank You Notes to Residents – February 7th
- Resident Appreciation Day Treats in Office – February 15th
- Cookie Day – February 21st
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
Things are continuing to go well as we implement our value-add business plan at Westmoor.
You can download the quarterly financials (rent roll and profit and loss statement) by clicking here.
We are exceeding our projected rents by $42 for all newly-renovated unit leases.
The following resident appreciation and retention events are being/were hosted in January:
-
- Sip N Sweet Monday – January 6th
- Popcorn Friday – January 10th, 17th, and 24th
- Pancakes and PJs – January 18th
Lastly, click here for a news article that reinforces our thoughts on the continued strength of multifamily housing. According to data compiled by Deutsche Bank, the median age of US homebuyers is now 47. For comparison, the median age of US homebuyers in 1981 was 31. Much of this rise can be attributed to the extreme reduction in young, first-time homebuyers in the housing market. This means more and more people will be renting rather than buying.
November 2019
Things are continuing to go well as we implement our value-add business plan at Westmoor.
We are exceeding our projected rents by $37 for all newly-renovated unit leases.
The following resident appreciation and retention events are being/were hosted in December:
-
- Hot Cocoa Bar – December 11th
- Christmas Stocking Decoration Event – December 18th
In related news, corporate relocation site selection expert explained why Fortune 500 companies are moving their headquarters from California, New York, New Jersey, and Connecticut to states like Florida and Texas. One of the main reasons is that the pro-business policies, low taxes, and fiscal restraint will enable Florida and Texas to “best weather the storm of an economic downturn.” Click here to read more.
October 2019
Things are continuing to go well as we implement our value-add business plan at Westmoor.
As a reminder, last month marked the 12th month we officially owned Westmoor. Due to Westmoor performing above and beyond our initial projections during the first full year of ownership, you received a higher distribution last month. We projected an 8.0% return but were able to distribute 9.0%. Last month, you received the same 8% annualized return plus an extra 1%. For example, if you invested $100,000, you received $1,666.67 ($666.67 + $1,000).
Congrats again on a successful first year. We will re-evaluate the performance of Westmoor at the end of year two and distribute the extra cash flow if applicable.
We are exceeding our projected rents by $34 for all newly-renovated unit leases.
The following resident appreciation and retention events are being hosted in November:
-
- Bingo Night – November 15th
- Crime Watch – November 26th
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
Things are continuing to go well as we implement our value-add business plan at Westmoor.
We have officially owned Westmoor for 12 months. Due to Westmoor performing above and beyond our initial projections during the first full year of ownership, you will receive a higher distribution this month. We projected an 8.0% return but will be able to distribute 9.0%. By the end of the month, you will receive the same 8% annualized return plus an extra 1%. For example, if you invested $100,000, you will receive $1,666.67 ($666.67 + $1,000).
Congrats on a successful first year. We will re-evaluate the performance of Westmoor at the end of year two and distribute the extra cash flow if applicable.
Please click here to download the quarterly financial statements (current rent roll and profit and loss statement).
We are exceeding our projected rents by $32 for all new renovated unit leases
As a reminder, we have completed our exterior capital expenditure projects.
The following resident appreciation and retention events are being/were hosted in October:
-
- National Taco Day – 10/4
- Halloween Treats – 10/31
August 2019
We are exceeding our projected rents by over $33 for all new renovated unit leases
We have completed our exterior capital expenditure projects
The following resident appreciation and retention events are being/were hosted in September:
-
- Chili Dog Thursday – 9/5
- Ice Cream Social – 9/11
- Westmoor One Year Birthday Party – 9/27
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.
July 2019
We are still exceeding our projected rents by over $40 for all newly-renovated unit leases.
Capital Expenditure updates:
-
- The new monument sign looks great! Click here for more pictures.
- Click here for pictures of the renovated clubhouse.
- Click here for a picture of the new dog park
- Click here for pictures of the renovated model unit
- Click here for pictures of the new playground
- Click here for pictures of the renovated pool
The following resident appreciation and retention events are being/were hosted in August:
-
- Resident’s Appreciation Day – 8/6
- Back to School Party – 8/15
- National Waffle Day – 8/24
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
We are exceeding our projected rents by over $40 for all newly-renovated unit leases.
The following resident appreciation and retention events are being hosted in July:
-
- National Sugar Cookie Day – Sugar Cookies in Office: 7/9
- National Hotdog Day – Hotdog Cookout: 7/17
- National Vanilla Ice Cream Day – Ice Cream Sundae Bar: 7/23
In related news, here is a great article that summarizes the projects rolling out and the companies opening new locations during the first phase of RedBird, the $160 million redevelopment project located less than a mile from Westmoor. These include Chimes Solutions, Foot Locker, a theme park, a food court, a bank, a Marriott hotel, and much more. Click here to learn more.
Additionally, 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 the 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
We are exceeding our projected rents by $32 for all newly-renovated unit leases.
The following resident appreciation and retention events are being hosted in June:
-
- Donuts with Dad: 6/15
- Taco Bar: 6/21
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
We are exceeding our projected rents by $27 for all newly-renovated unit leases.
The following resident appreciation and retention events are being hosted in May:
-
- Dessert Bar: 5/11
- Game Night: 5/15
- Popcorn in the Office: 5/22
The ground has broken on the $160 million Red Bird redevelopment project in Duncanville, which is a 3-minute drive from Westmoor. The development will include brand new stores, restaurants, office space, and apartments. Click here to learn more.
Additionally, in HFF’s monthly MSA employment report, Dallas-Fort Worth ranked 2nd in the nation in total new jobs and percent job growth and was one of only two MSAs to add more than 100,000 jobs. Click here to learn more.
March 2019
We are exceeding our projected rents by $22 for all newly-renovated unit leases.
- The following resident appreciation and retention events are being hosted in April:
- Popcorn in the Office: 4/18
- Breakfast-on-the-Go: 4/26
February 2019
-
- Our occupancy rate increased to 93.7% (up from 92.6% last month) and preleased occupancy is 93.7%
- Since acquiring Westmoor, we have renovated a total of 60 of 350 units (4 new units in February)
- We are continuing to beat our projected rents by $26 for all new renovated unit leases
- We are hosting a St. Patrick’s Day party for our residents 3/15
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
The current occupancy rate is 92.6% and preleased occupancy is 95.4%
We have renovated a total of 56 of 350 units (8 new units in January) since acquiring Westmoor, and 30 additional units are in the process of being renovated
We are continuing to beat our projected rents by $26 on all newly-renovated unit leases.
Logo and branding: We have finalized the new logo and branding design for Westmoor
Resident appreciation events
-
- We hosted a pizza party two weeks ago
- We hosted a burger party with a burger bar last week
December 2018
Current occupancy is 95.1% and preleased occupancy is 94.8%
Since acquiring Westmoor (Park Village), we have renovated or are in the progress of renovating a total of 48 of 350 units
We are now beating our projected rents by $26 on all newly-renovated unit leases
Capital improvement projects:
-
- Carpentry: repairs began 1/7
- Sidewalk and driveway: Repairs are in progress
- Leasing office: Remodeling began 1/8
- Pool: Project is delayed due to weather and will resume when the weather allows
- Playground: New equipment will be installed 3/15
- Signage: We are in the progress of designing the new Westmoor signage
As a part of our value-add business plan, we have rebranded the property to Westmoor. We have had previous success with this sort of rebranding on the majority of the properties in our portfolio.
A record number of companies left California for states with a better business climate, and a new report shows that Texas remains the number one destination. According to the study, 1,800 companies left California in 2016 (the most recent year data is available for), which is a 9-year high, and 299 of those companies moved to Texas. Click here to read more.
November 2018
-
- Our occupancy rate has increased to 95.1% and preleased occupancy is 96.3%
- We have renovated a total of 45 of 350 units since acquiring Park Village
- We are achieving our projected rents for all new renovated unit leases
- Staffing: All positions are filled with the exception of the porter
- Exterior Renovations: Work began last week beginning with exterior lighting
- Fitness Center: Installation of new fitness equipment began 12/10
- Pool: Work has begun on the front pool
- Playground: New equipment has been ordered
Two businesses – Home Depot and HD Supply – are interested in expanding to the city of Dallas. This week, Dallas City Council will be discussing and potentially voting on possible tax abatement incentives for these two companies. The total expected job creation is 1,000 (800 via Home Depot and 200 via HD supply). The proposed sites for these facilities are less than a 20 minute drive from Park Village, which reinforces our thoughts on strength of the Duncanville submarket. Click here to learn more.
October 2018
- Current occupancy is 94.8% and preleased occupancy is 95.0%
- Interior renovations: 8 of 350 units are in the process of being renovated
- Exterior renovations: In progress
- Fitness center: We are in the process of scheduling an installation date
- Pool: Renovations are in progress
- Playground: New playground equipment has been ordered.