fbpx
Founders Grove Capital

The Avery Update History

March 2021

 

Both occupancy (91.1%) and collections (94.6%) improved and are back in the 90s at the Avery.

Update on Impact of Inclement Weather

We have approved the scope here and insurance will cover the cost. Reconstruction work is set to begin on April 29th.

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 increased for the second month in a row to 91.1% (up from 86.2% last month and 84.5% two months ago) and preleased occupancy is 90.8%. Collections on occupied units was 94.6% for March, which is also an improvement from 89.0% for February. These operational improvements are a testament to the strength of our in-house management team, Birchstone.

Two new units were renovated over the last month for a total of 254 units since acquisition. We are exceeding our projected rents by $6 on all upgraded unit leases.

Resident activities remained on pause while our in-house management team focused on improving the operations at the Avery.

February 2021

 

Occupancy (86.2%) and collections (89.0%) are improving at the Avery.

Update on Impact of Inclement Weather

A total of 30 units were impacted by the storm. In addition to the previously mentioned burst pipes, there are a couple buildings where sprinkler repairs are required. Currently, we are working on coming up with estimated costs. All expenses incurred will be covered by our insurance.

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

Occupancy increased to 86.2% (84.5% last month) and preleased even higher at 89.6%. Collections on occupied units also improved to 89.0% for February (88.7% for January).

While operations are not where we want them to be, they are trending in the positive direction. We attribute this to Birchstone, Ashcroft’s in-house property management company, taking over the management at the Avery, and to the new site manager in-place. They are using all available resources to focus on improving operations, as well as customer service to residents. We will also continue to offer rent specials on certain floorplans to garner more traffic.

Because of the Birchstone transition, we did not host any resident activities in March. Socially distanced events will continue next month. 

Renovations

No units were renovated last month as we focus on improving operations. Rents on previously upgraded units are exceeding our projections by $34. We are exceeding our rent projections by $51 on the 17 previously upgraded units leased over the past three months.

January 2021

 

Improving occupancy (84.5%) and collections (88.5%) is a top priority for our new in-house management company, Birchstone.

Update on Impact of Inclement Weather

A pipe burst at a total of 17 units, which damaged the unit interiors. No residents were displaced as a result. The sprinkler system also sustained damaged due to froze water lines. Currently, we are working on assessing the damage and coming up with estimated costs.

We will be filing a DFW portfolio wide insurance claim. Since the storm that caused the damages was one occurrence, our policy allows us to file on major claim which will help us hit our deductible and cover the repair costs.

Also, we are doing a surprise resident event this week. We are sending a food truck with 150 free meals and delivering 100 free cases of water for residents who had any issues as a result of the storm.  

Distributions

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 84.5% and preleased occupancy is 88.5%. Collection on occupied units was 88.7% for January.

To increase occupancy and collections, we brought on a new site manager and are offering rent specials on certain floorplans to garner more leasing traffic. We also transitioned the management of the Avery to our new in-house property management company, Birchstone. The takeover went smoothly, and the new in-house focus will allow us to improve both occupancy and collections rates.

Renovations

One new unit was renovated over the last month for a total of 252 units since acquisition. We are exceeding our rent projections by $32 on all upgraded unit leases and by $49 on the 28 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 February, these events included:

  • Mardi Gras Brunch
  • Sweets and Treats
  • Referral Bags

December 2020

Collections (91.0%) improved and are back in the 90s while occupancy (86.8%) remains a challenge at The Avery.

Distributions

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

December marked our third full year of ownership of The Avery. We projected a year 3 return of 8.0% but were able to achieve a 16% return. This includes the ongoing monthly distributions equal to 8% and the additional 8% distribution sent in April 2020 after a supplemental loan.

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 ReminderPlease 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 is 86.8% (compared to 87.0% last month) and preleased occupancy is 87.5%. Collections on occupied units improved to 91.0% in December (compared to 89.8% for November).

The occupancy rate is still suffering because of staffing issues. The previous manager is no longer with us and we have extended an offer to a highly qualified candidate who we feel is well equipped to improve The Avery’s operations. We are also making changes to our maintenance staff to further enhance the resident experience. In the meantime, we will continue to offer specials and reduced asking rents on select floor plans to get more traffic and leasing.

Renovations

One new unit was renovated over the last month for a total of 251 units since acquisition. We are exceeding our rent projections by $48 on the 35 upgraded units leased over the previous three months.

Resident Activities

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

  • Taco Tuesday
  • National Popcorn Day
  • Breakfast on the Go

November 2020

Improving occupancy (87.0%), collections (89.8%), and customer service is the main focus of the new staff at The Avery.

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 remains at 87.0% but is trending 88.6%. Collections dropped to 89.8% (90.7% in October).

These operational challenges are due to the same reasons outlined in the previous two month’s recap emails – increased notice-to-vacates due to previous staffing issues. The new staff is focused improving operations by offering increased concessions, increasing marketing, an providing a better customer service experience.

Renovations
We renovated another two units over the past month for a total of 250 since acquisition. Rents are $21 above projections on all upgraded unit leases, and $54 above projections on the 26 upgraded unit leases over the past three months.

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

In December, these events will include:

  • Italian Dinner
  • Grab-N-Go Coffee and Breakfast
  • Christmas Cookies & Wine

October 2020

Occupancy (87.0%) is down due to the former management staff and increasing it is the main focus of the new management staff. Collections (90.7%) remain solid.

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 87.0%, compared to 90.5% last month, and preleased occupancy is 87.0%. Collections on occupied units is 90.7% for October, which is good but down from 93.4% last month.

The fall in occupancy is due to the reasons outlined in last month’s recap email – staffing and maintenance issues. The new manager and new leasing and maintenance staff will be focused on customer service and resident retention to reverse the occupancy trend. This will include an increased spend on marketing and offering rent specials to cancel the notice-to-vacates we received due to the previous staff.

Renovations

We renovated another four units over the last month for a total of 248 since acquisition. Rents are $19 above projections on all upgraded unit leases, and $43 above projections on the 21 upgraded unit leases over the past three months.

Resident Activities

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

In November, these events will include:

  • Friendsgiving Social
  • Pick a Pie
  • Grab & Go Sliders

September 2020

Occupancy (90.5%) decreased slightly due to staffing issues (which have been resolved) and collections (93.2%) 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

Current occupancy is 90.5% and preleased occupancy is 90.1%. While occupancy remains in the 90s, it is a decrease from last month (93.4%).

Some residents left due to staffing and maintenance issues caused by poor leadership. Therefore, we replaced our manager and leasing staff. They understand our expectations and are focused on providing top notch customer service to maximize resident retention.

We are also offering leasing specials and increasing our marketing spend to increase occupancy.

Collections remain strong. We collected rent on 93.2% of the occupied units last month.

Renovations

We renovated five new units since last month’s recap email. Overall, we are exceeding our projected rents on renovated unit leases by $22. Over the last three months, we are exceeding our projected rents by $36 on 32 upgrade unit leases.

Resident Activities

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

  • Taco Tuesday (click here for the Taco Tuesday flyer from last month)
  • Brunch
  • October Birthday Gifts (click here for picture)

August 2020

Collections (95.2%) remained strong and occupancy (93.4%) continues to improve.

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

Occupancy has increased to 93.4% (up from 91.5% last month) and preleased occupancy is also 93.4% through the end of the month. To further increase the occupancy rate, we are offering a new “look and lease” special to incentivize prospective residents to sign a lease.

Collections also remained strong with a 95.2% collections rate on occupied units in August. However, earlier this month, the CDC issued an eviction moratorium effective from September 4th to December 31stClick here for article with more details on the moratorium.

Due to the strong collections rate, we are uncertain if the renewed moratorium will 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

Over the past three months, we have exceeded our projected rents by an average of $37 on 39 renovated unit leases.

Resident Activities

We are continuing to be creative with the themes of the resident appreciation events we are hosting to follow the social distancing guidelines. Click here for a picture of the flyer for our Grab-N-Go Breakfast event last month.

In September, these events will include:

  • Grab-N-Go Taco Night
  • Donuts At The Gate
  • Bark Park Event

July 2020

Things are going well at The Avery during the coronavirus pandemic. Occupancy remains above 90% and we’re exceeding our rent projections by over $30 on newly renovated unit leases.

Distributions

We will continue to send monthly distribution for The Avery. You will receive your next distribution by the end of the month.

Operations

Occupancy has remained at 91.5% and preleased occupancy is 93.1%. We are offering small concessions to increase occupancy and are working on ways to improve traffic and visibility, including more locator outreach and increased online marketing.

Collections were still very strong in July and, in addition to occupancy, we are also focused on creating more expense efficiencies every month.

Renovations

We’ve continued to upgrade units as they become vacant and are exceeding our rent projections by an average of $10 on all renovated unit leases. Over the previous three months, 36 units were leased at $32 greater 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:

August Birthday Event
Taco Tuesday
Patio Contest


Click here for pictures from last month’s resident events.

June 2020

The Avery experienced a minor reduction in occupancy this month due to the impacts of the coronavirus pandemic. However, we are trending an occupancy rate above 94% and collections have remained strong.

Here are some updates on The Avery 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 The Avery. 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

Occupancy decreased from 92.43% last month to 91.5% this month. However, we are preleased at 94.1%

As we mentioned last month, the recently installed a retaining wall at the property was damaged shortly after completion but the expense should be covered by our insurance. We are currently in the discovery and bidding phase.

This month, our focus will be investigating ways to create more expense efficiencies.

Renovations

We are continuing to move forward with interior renovation projects as planned. The rents on all upgraded units are exceeding projections by an average of $8. Over the previous three months, 27 upgraded units were leased at an average of $27 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:

Breakfast On The Go
Hero of the Month
Yappy Hour at The Dog Park


May 2020

 

Things are going well at The Avery amidst the economic turmoil created by the coronavirus pandemic. Both collections and occupancy rates are strong. 

Here are some updates on The Avery 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 The Avery. 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

Occupancy and collections are strong at The Avery. The current occupancy rate is 92.43% and preleased occupancy is 94.41%.

We recently installed a retaining wall at the property but have been told we will have to repair it as it was damaged shortly after completion. Fortunately, our risk adjuster is confident this will be covered by our insurance.

 

Renovations

We are continuing to move forward with interior renovation projects as planned. The rents on all upgraded units are exceeding projections by an average of $7. Over the previous three months, 23 upgraded units were leased at an average of $29 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 June, these events will include:

  • Delivering June Birthday Cards and Cake
  • Kona Ice Truck  
  • Donuts 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 The Avery 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 The Avery. 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:

  • May Birthday Card Delivery
  • Patio Contest
  • $5 Pizza Truck

 

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 The Avery, 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 68.6%. This means we will be able to cover all expenses, and conserve your investment, at an occupancy rate that is 68.6% or higher.

Additionally, we secured a supplemental loan on The Avery. 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 8% of your initial investment. If you invested $100,000, for example, you will receive an additional $8,000 on top of the normal monthly distribution. We are sending the supplemental loan distributions via the same method you receive your monthly distribution and you should receive the distribution within the next 7 days.

 

Operations

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

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 5 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 The Avery 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:

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

 

Financials

Since we have now successfully rolled out the Investor Portal, the quarterly financials will be available for downloaded 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 have 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 beating our projected rents by $58 for all newly-renovated unit leases

There were no nonrenovated, vacant units to renovate in February at The Avery

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

    • Brunch – March 7th
    • Resident Birthday Party – March 13th
    • Wine Down Wednesday Hour – March 18th

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 The Avery as we continue to implement our value-add business plan.

As a reminder, December marked the end of the second year we owned The Avery. Due to The Avery performing above our initial projections, you received a higher distribution last month. We projected a 9.9% return for year two but were able to distribute 10.0%. You received the same 8% prorated return plus an extra 2% last month. For example, if you invested $100,000, you received $2,666.67 ($666.67 + $2,000). 

Congratulations again on a second successful year. We will re-evaluate the performance of The Avery again in another 12-months and distribute a higher distribution if applicable.

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 beating our projected rents by $58 for all newly-renovated unit leases.

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

    • Valentine Cookie Decorating – February 13th
    • Taco Tuesday – February 18th
    • Brunch – February 22nd

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

 

December marked the end of the second year we’ve owned The Avery. Due to The Avery performing above our initial projections, you will receive a higher distribution this month. We projected an 9.9% return for year two but will be able to distribute 10.0%. By the end of the month, you will receive the same 8% prorated return plus an extra 2%. For example, if you invested $100,000, you will receive $2,666.67 ($666.67 + $2,000). 

Congratulations on a second successful year. We will re-evaluate the performance of The Avery again in another 12-months and distribute a higher distribution if applicable.

You can download the quarterly financials (rent roll and profit and loss statement) by clicking here.

 

We are beating our projected rents by $69 for all newly-renovated unit leases.

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

    • Vision Board Workshop – January 9th
    • Resident Brunch – January 18th
    • Renewal Party – January 23rd

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

 


 

November 2019

 

We are beating our projected rents by $63 for all newly-renovated unit leases.

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

    • It’s A Gift Wrap For a Week – December 3rd
    • Renewal Anniversary Party – December 17th
    • Christmas Brunch – December 21st

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

 

We are beating our projected rents by $68 for all newly-renovated unit leases.

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

    • Donuts On The Go – November 8th
    • Hot Cocoa Bar – November 13th
    • Renewal Party – November 14th

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

 


 

September 2019

 

Please click here to download the quarterly financial statements (current rent roll and profit and loss statement).

 

We are now beating our projected rents by $74 for all newly-renovated unit leases.

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

    • Movie-By-The-Pool – 10/17
    • Trick-or-Treat – 10/30
    • Patio Decorating Contest – 10/30

 


 

August 2019

 

We are now beating our projected rents by $66 for all newly-renovated unit leases.

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

    • Breakfast-on-the-Go – 9/13
    • National Pizza Day Party – 9/20
    • Taco Tuesday – 9/24

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 beating our projected rents by $45 for all newly-renovated unit leases.

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

    • Back to School Party – 8/9
    • Brunch – 8/17
    • Happy Hour – 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

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

    • National Sugar Cookie Day – Sugar Cookies in Office: 7/9
    • National Vanilla Ice Cream Day – Ice Cream Sundae Bar: 7/23
    • National Lasagna Day – Lasagna Dinner in Office: 7/29

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

 


 

May 2019

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

    • Donuts with Dad: 6/15
    • Brunch: 6/22
    • Sundae Bar: 6/30

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

 


 

April 2019


We are exceeding our projected rents by $17 for all newly-renovated unit leases.

The following resident appreciation and retention events are being hosted in May

    • Taco Tuesday: 5/7
    • Free Brunch: 5/18
    • Breakfast-at-the-Gate: 5/24

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

 


 

March 2019


We are exceeding our projected rents by $14 for all newly-renovated unit leases.

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

    • Brunch: 4/8
    • Egg Decorating in the Clubhouse: 4/20
    • Pizza by the Pool: 4/24

 


 

February 2019

  • Our occupancy rate has increased for the sixth month in a row to 95.0% (up from 94.4% last month) and preleased occupancy is 95.0%
  • We have renovated a total of 156 of 304 units since acquiring The Avery (4 new units in February)
  • We are beating our projected rents by $10 on all new renovated unit leases
  • We are offering a coffee bar to the residents on 3/16

In related news, the Louisiana-based exercise chain Regymen Fitness recently announced plans to open 22 new franchises within the next 3 to 6 years in Northern DFW, including in Lewisville, TX. Click here to learn more.

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


 

January 2019

  • Our occupancy rate has increased for the fifth month in a row to 94.4% (up from 94.1% last month) and preleased occupancy is 95.7%
  • Since acquiring The Avery, we have renovated a total of 152 of 304 units (7 new units in January)
  • We are now beating our projected rents by $32 on all new renovated unit leases
  • We are hosting a resident appreciation event with a Valentine’s Day dessert bar on 2/14

A $3 billion global medical technologies company – DJO – is relocating its corporate headquarters from California to Lewisville, TX in the coming months. The new headquarters is only a 3-minute drive from The Avery.  Click here to read more.

 


 

December 2018

  • Our occupancy rate has increased for the fourth month in a row to 94.1% (up from 93.1% last month)
  • Preleased occupancy is 93.4%
  • We have renovated a total of 145 of 304 units since acquiring The Avery (7 new units in December)
  • We are continuing to demand our projected rents for all new renovated unit leases

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

 


 

November 2018

  • Occupancy has increased for the third month in a row to 93.1% (up from 91.4% last month)
  • Preleased occupancy is 93.1%
  • Since acquiring The Avery, we’ve renovated a total of 138 of 304 units
  • We are continuing to achieve our projected rents for all new renovated unit leases
  • Green program: 94% completed

 


 

October 2018

  • Our current occupancy has increased to 91.4% (up from 89.1% last month)
  • Preleased occupancy is 92.1%
  • We are continuing to achieve our projected rents on all new renovated unit leases
  • Green program: 90% completed
  • Package Center: The Amazon package center project is completed
  • In order to increase traffic to the property, we are advertising on a billboard for The Avery for 4 months on TX-121 (major road in Lewisville, TX)