December 2020
Occupancy (90.4%) remained in the 90s while collections (83.5%) continue to be a challenge at 98Fifty.
Distributions
You will receive a quarterly distribution by the end of the month. It will equal 1% of your initial investment. For example, if you invested $100,000, you would receive $1,000. This is less than a full quarter’s worth of preferred return, which is 2%. The difference between the 2% and the 1% you will receive will accrue and be paid out at a capital event.
The next distribution is scheduled for the end of April. We will let you know in the March Recap email what the new the distribution amount will be.
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
Current occupancy is 90.4%, which is the 5th month in a row of occupancy above 90%. Preleased occupancy is higher at 91.5%.
Collections remain a challenge because of the same reasons outlined in last month’s recap email. Collections on occupied units was 83.5% in December (compared to 85.2% in November). We expect to continue to face this challenge until the eviction moratorium expires, which is currently in place through March. In the meantime, we will continue to help our residents work with the agencies providing rental assistance.
Renovations
Interior renovations are still on pause. For the units upgraded previously, we are exceeding our rent projections by an average of $97. We have also leased 9 previously upgraded units $125 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 January, these events included:
- Planning your Future
- National Pie Day
- Community Appreciation Day
November 2020
Occupancy (92.0%) remained in the 90s for the 4th month in a row while collections (85.2%) continues to be a challenge.
Distributions
The next quarterly distribution for 98Fifty is scheduled for the end of January.
Friendly Reminder: Please review your investment profile to make sure that it is complete with the information required for your 2020 K1. K1s will be uploaded into the investor portal by the end of March 2021. If you are not able to log into the investor portal, or your invitation has expired, please email InvestorRelations@AshcroftCapital.com to have it resent.
Operations
Current occupancy is 92.0% (compared to 93.1% last month), marking the 4th consecutive month occupancy has been at least 90%. Preleased occupancy is 91.5%.
Collections continue to be a challenge at 98Fifty. We collected rent on 85.2% of the occupied units in November. The reason for this challenge is our inability to evict residents who are not paying rent due to a COVID-19 related financial hardship (11 residents in total). We are also experiencing an increased number of skips and evictions of non-paying residents who have been non-communicative since the onset of the pandemic.
Because the economic impacts of COVID-19 continue, we expect things to get worse before they get better. While we are helping residents to obtain financial aid from local housing assistance, it isn’t enough. Therefore, we expect an increase in skips and evictions through at least February.
Renovations
Interior renovations are still on pause. For the units that were upgraded prior to the pause, we are exceeding rent projections by $96.
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 to pictures from November events.
In December, these events will include:
- Food Drive
- Toy Drive
October 2020
Both occupancy (93.1%) and collections (87.2%) have improved at 98Fifty.
Distributions
The next quarterly distribution is scheduled for the end of January.
Friendly Reminder: As we approach the new year, please review your investment profile to make sure that it is complete with the information required for your 2020 K1. K1s will be uploaded into the investor portal by the end of March 2021. If you are not able to log into the investor portal, or your invitation has expired, please email InvestorRelations@AshcroftCapital.com to have it resent.
Operations
Current occupancy is up to 93.1%, compared to 92.0% last month. This is the third month in a row occupancy has been in the 90s.
Collections are still not where we want them to be but did improve. Collections on occupied units for October is 87.2%, compared to 85.2% in September.
In order to improve the collections rate, we decided to transition away from dual-site management. Previously, the manager at 98Fifty was also responsible for management at The Apex. Now, the manager is focused exclusively on 98Fifty. We are confident that with this adjustment in management, operations will further improve at 98Fifty.
Renovations
While renovations are on pause, we did continue to exceed our projected rents on previously upgraded units. Overall, rents on upgraded unit leases are $92 above our projections. Over the past three months, we leased 18 upgraded units $115 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 the October 98Fifty/Apex cross property resident activities, including our monthly Crime Watch meeting with the local police department.
In November, these events will include:
- Veteran’s Day Event
- Food Drive
- Coffee with Residents
September 2020
Occupancy (92.0%) remained stable and above 90% for the second straight month. However, collections (85.2%) continue to be a challenge due to the extended eviction moratorium.
Distributions
You will receive a quarterly distribution by the end of the month. It will equal 1% of your initial investment. For example, if you invested $100,000, you would receive $1,000.
This is less than a full quarter’s worth of preferred return, which is 2% (8% preferred return divided by 4 quarters equals 2%). Therefore, the difference between the preferred return and what is distributed will accrue and be paid out at a capital event. The reasoning behind this lowered distribution is outlined in the “Operations” section below.
The next quarterly distribution is schedule for the end of January. It will cover October, November, and December.
Financials
The Q3 financials (rent roll and trailing 12-month profit and loss statement) are now available on the Investor Portal. Login to your account to view by clicking here.
Operations
There was a fire at 98Fifty that damaged 8 units, causing over $500,000 worth of damage. Fortunately, no resident was injured. We’ve filed an insurance claim to cover the damages and are obtaining bids from contractors to perform the repairs.
Due in part to the 8 units being offline and not being included on the rent roll, occupancy has increased to 92.0% (up from 90.3%), marking the second straight month with occupancy in the 90s.
Due to the extended eviction moratorium, as well as the impact of COVID on the market and demographic, collections remain a challenge. The collections rate on occupied units was 85.2% last month. This has also resulted in an above average accrual of bad debt. Therefore, to remain conservative, we are sending the lower quarterly distribution this month.
To combat the low collections rate, we’ve increased parking fees (so far we haven’t had any push back from residents).
Renovations
Interior renovations are on pause while we stabilized operations. However, we continue to exceed our rent projections on previously renovated unit leases. Overall, we are exceeding projected by an average of $89. Over the last three months, we are exceeding our projected rents by an average of $118 on 22 new 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:
Crime Watch Meeting
Halloween Treats
August 2020
We experienced improvements in both occupancy (we are back into the 90’s) and collections (up 8% to 88%) last in August.
Timing for Monthly Recap Email Update
Moving forward, the monthly updates will be sent out by the last Friday of the month. This will allow us to more closely align with internal operations while providing you with the information you need to stay updated on the property.
Expect to receive the September Recap email by Friday October 30th.
Distributions
We plan on continuing to do quarterly distributions for this property to remain conservative. The next distribution will be going out by the end of October. We will let you know the amount of the next quarterly distribution in next month’s update.
Operations
Occupancy has increased to 90.3% (up from 89.3% last month). Preleased occupancy is 93.9%. Collections continue to be a challenge but did improve in August. Rent was collected on 88% of the occupied units in August compared to only 80% in July.
However, earlier this month, the CDC issued an eviction moratorium effective from September 4th to December 31st. Click here for article with more details on the moratorium.
After the CDC’s announcement, we immediately began working with our property management company to establish strategies to work within the guidelines of the moratorium while mitigating operational impacts.
In the meantime, we have increased parking fees and expenses are still run tight, which helps with the Net Operating Income.
Renovations
We are considering restarting interior renovations to offer more options to potential renters and will be finalizing the analysis shortly to determine if we’ll proceed.
The previously upgraded units are leasing for an average of $85 higher than our projections. 22 previously upgraded units leased for an average of $116 higher than our projections 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 September, these events will include:
- Lunch With The Residents
- Breakfast On The Go
- Birthday Cake For September Birthdays
July 2020
The occupancy rate at 98Fifty has begun to improve, and we are projecting to be back above 90% by the end of the month. However, collections have continued to be a challenge in July because of the coronavirus pandemic.
Distributions
Last month, you received a quarterly distribution equal to 2% of your initial investment. We will let you know by October, which is the next scheduled quarterly distribution, if we will transition back to monthly distributions.
Operations
Last month, occupancy was 88.6% and we projected an 86.7% occupancy through the end of July. However, the occupancy rate has increased to 89.3%. We are also projecting to be back above 90% by the end of the month – preleased occupancy is 92.6%.
While occupancy improved, collections continue to be a challenge. We collected 80% of rents from the occupied units in the month of July. However, we have 8 residents on hardship payment arrangements who’ve yet to pay their July rent. Once they have, the collection rate will increase.
The eviction moratorium in the CARES Act has expired. However, Dallas-Fort Worth courts are very slow in hearing eviction cases as they have a large backlog to work through. The evictions of the residents with high balances and who have been unresponsive will be a longer process.
Several residents who have carried large balances have skipped, so we have the opportunity to lease these newly vacant units to residents who will pay their rent.
Renovations
Renovations are still on pause at 98Fifty for the same reasons outlined in the previous two recap emails. However, we are exceeding our rent projections on previously upgraded units by an average of $82. We are also beating our rent projections by $107 on the 21 previously upgraded units leased over the previous three months.
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 August, these events will include:
- Facebook Talent Show – winner receives $75 off September rent
- Let’s Brighten Our Future – giving out free school supplies and backpacks
- Bow Tie Day
Click here for pictures from last month’s resident activities.
June 2020
The operations at 98Fifty have continued to be impacted by the coronavirus pandemic. Both occupancy and collections were a challenge in June.
As always, our focus remains the same – the preservation of your capital investment.
Here are updates on what we have done at 98Fifty over the previous 30 days to preserve your capital investment:
Distributions
As a reminder, we decided to temporarily transition from monthly distributions to quarterly distributions at 98Fifty. We also decided to temporarily suspend collecting our asset management fees.
We are sending out your quarterly distribution by the end of the month. It will cover April, May, and June. For example, if you invested $100,000, the quarterly distribution is $2,000.
The next distribution is scheduled for the end of October. It will cover July, August, and September. We will let you know by then if we will continue quarterly distributions or transition back to monthly distributions.
Financials
As a reminder, we now upload the quarterly financials to the investor portal. If you already set up your account, you can immediately download the Q2 2020 financials (rent roll and 12-month profit and loss state) by logging into the portal by clicking here.
Operations
The current physical occupancy is 88.6% and preleased occupancy is 86.7%.
We had numerous residents who built up large balances due to the coronavirus pandemic recently skip. The good news is that 98Fifty has historically leased very well. Also, since these units are vacant and no longer occupied by non-paying residents, we have the opportunity to lease to residents who will pay their rent. The downside is that there are lots of non-qualified renters who – like the residents who recently skipped at 98Fifty – have debts with previous landlords.
Collections have continued to be a struggle. We collected 81.5% of rents from our occupied units in the month of June. However, we have 8 residents on hardship payment arrangements who’ve yet to pay their June rent. Once they’ve have, our collection rate will increase.
Additionally, we are unable to evict the non-paying residents until August due to the CARES Act. Once we can evict, we expect a lot of bad debt to hit our financials in early fall.
To combat the dip in occupancy and lower collections, we are looking at ways to increase revenue. One example is increasing our parking income. Additionally, we’ve implemented a special on select two-bedroom units, which we will run until we achieve a 91% to 92% occupancy rate.
Renovations
We have continued to pause interior renovations at 98Fifty for the same reasons outlined in last month’s recap email. As a reminder, one reason is the impact of coronavirus pandemic and the other is to preserve cash at this time. The overall submarket has changed drastically over the previous 24 months, resulting in a tremendous amount of fraudulent applications, higher bad debt, and higher vacancy. We’ve purchased a better screening software and expect to see less of this moving forward.
Instead of renovating units, we will focus on improving the current operations. Frank Roessler has spent a significant amount of time last month at the property speaking with the property manager and they put together a plan for ways to increase the income, including rent adjustments, community improvements, and other income generators. We still have two more years left on the original business plan which give us time to optimize the operations, for the submarket to hopefully turnaround, and to sell.
We are, however, exceeding our rent projections on previously upgraded units by an average of $73. Over the previous three months, 16 upgraded units were least at a rent exceeding our projections by an average of $82.
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:
- Riddle My Pocket
- Summer Door Decoration Contest
- Senior Wellness and Safety Release
May 2020
The operations at 98Fifty have continued to be impacted by the coronavirus pandemic. Occupancy has been strong but the major challenge has been collections.
As always, our focus remains the same – the preservation of your capital investment.
Here are updates on what we’ve done at 98Fifty over the previous 30 days to preserve your capital investment.
Distributions
As a reminder, we decided to temporarily transition from monthly distributions to quarterly distributions at 98Fifty. We also decided to temporarily suspend collecting our asset management fees.
The next distribution is still scheduled for the end of July. It will cover April, May, and June. In July, we should have a better understanding of how the pandemic has affected 98Fifty and will decide if we can transition back to monthly distributions.
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 continues to be strong at 98Fifty. The current occupancy is 94.9%, which is an increase from 92.4% last month. Preleased occupancy is 95.41%. However, the quality of renter has declined in the overall submarket. Many prospective residents do not meet our strict qualifications because they have debts with other landlords.
Additionally, collections have been and will continue to struggle until eviction moratoriums are lifted. We finished May collections at 10.5% and April collections at 8.2% outstanding of what was billed. The CARES Act prohibits us from evicting residents for non-payment until August. Therefore, we expect a large amount of bad debt to hit our financials early fall.
Fortunately, expenses run tight at 98Fifty, which helps with our net operating income. We also have an extraordinarily strong dual-site manager (she also manages The Apex) and are focusing on other ways to increase income, like paid parking for example.
Renovations
We completed all exterior capex projects prior to the coronavirus pandemic but we’ve decided to stop renovating the unit interiors. We made this decision based on a variety of reasons. One is the impact of coronavirus pandemic and the other is to preserve cash at this time. The overall submarket has changed drastically over the previous 24 months, resulting in a tremendous amount of fraudulent applications, higher bad debt, and higher vacancy. We’ve purchased a better screening software and expect to see less of this moving forward.
Instead of renovating units, we will focus on improving the current operations. Ashcroft spent a significant amount of time this week at the property speaking with the property manager and they put together a plan for ways to increase the income, including rent adjustments, community improvements, and other income generators. We still have two more years left on the original business plan which give us time to optimize the operations, for the submarket to hopefully turnaround, and to sell.
The rents on the previously upgraded units are exceeding our projections by an average of $73. Over the previous three months, during the peak of the coronavirus pandemic, we leased 14 upgraded units at a rent exceeding our projections by an average of $82.
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:
- Food Drive
- Exercise Your Mind Event
- Father’s Day Cards
April 2020
We have continued to focus on the preservation of your capital investment during the coronavirus pandemic.
Here are some updates on 98Fifty over the previous 30 days:
Distributions
We have temporarily transitioned from monthly distributions to quarterly distributions. This proactive measure will give us time to assess how the pandemic has affected 98Fifty, allow us to remain conservative and help us better preserve your capital investment.
Therefore, the next distribution is scheduled for the end of July. It will cover April, May, and June. In July, we should have a better understanding of how the pandemic has affected 98Fifty and will decide if we can transition back to monthly distributions.
Friendly Reminder: We would like to remind all investors who have not yet logged in to the Investor Portal and completed their profile information, as well as reviewed and/or updated their payment information to do so. It is important to complete the appropriate steps in order to continue to receive your monthly distributions to your preferred location. Please click here for the instructions. If you have not received your invitation or it recently expired, and you need it re-sent, please contact InvestorRelations@ashcroftcapital.com. If you have already logged in and would like to be taken directly to the portal Click here.
Operations
Due to social distancing and stay-at-home orders, we are continuing to offer virtual tours and YouTube video unit walk throughs for prospective residents.
Resident Activities
We are also continuing to be creative with the types of events we are hosting for the residents to promote engagement of residents, as well as social distancing. In May, these events include:
- Household Scavenger Hunt of Bounty Paper Towels
- Virtual Bingo
- Making a Gift Basket
- I Spy a House Cord Phone
March 2020
Distributions
One major area of focus has been rent collections. We have made arrangements with some of the residents who are facing a coronavirus-related hardship at 98Fifty to pay their rent by the 25th. Therefore, I will send another email on the 27th with an update on the status of collections and if we feel we need to defer distributions based on how the resident base is impacted. However, our breakeven occupancy is 74.0%. This means we will be able to cover all expenses, and conserve your investment, at an occupancy rate that is 74.0% or higher.
Operations
While our leasing traffic has slowed down, we are offering virtual tours and creating YouTube videos of unit walkthroughs. Click here for a sample virtual tour at 98Fifty.
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 98Fifty 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:
- $40 off May rent to longest term resident
- Household virtual scavenger hunt
- I spy a house phone
Financials
Since we have now successfully rolled out the Investor Portal, the quarterly financials will be available for download off of the Investor Portal. We will upload Q1 2020 financials (a current rent roll and trailing 12-month profit and loss statement) by the end of April.
If you have already logged in and would like to be taken directly to the portal Click here. If you have not received your invitation or it recently expired, and you need it re-sent, please contact chat@ashcroftcapital.com In order to expedite any future or previous distribution requests changes, you must log in to the portal and add your complete profile information in order to make any changes to your payment information. Without doing so, the system will not allow it. If you need help navigating through the portal you may contact IMS support at 855-866-0889. Please click here to view the investor portal FAQ document.
I am proud to be your investment partner and look forward to working through today’s challenges together. I hope that you and your family are well.
February 2020
As a reminder, we launched the new Ashcroft Capital Investor Portal. You should have received an invitation already. If you didn’t, please check your spam folder. If it isn’t in your spam folder, please let us know by emailing chat@ashcroftcapital.com.
If you haven’t done so already, please login and confirm that your personal information is accurate. If not, please make sure that you update it by adding all your current information as well as updating payment information. If we need to make any changes to any of your deal information only, please let us know by emailing chat@ashcroftcapital.com. You can read and review the FAQ page by clicking here.
Starting on May 1st, you will be able to download a statement showing all the distributions that you’ve received to date.
Also, we will upload your 2019 K-1 tax document to the new investor portal by March 31st. You will be notified via email once it is available. We do not have a specific date other than to say that it will be available no later than March 31st.
We are exceeding our projected rents by $75 for all newly-renovated unit leases.
There were no vacant, nonrenovated units to renovate in February at 98Fifty
The following resident appreciation and retention events are being/were hosted in March:
-
- Mom & Muffins – March 10th
- St. Patrick’s Green Parade – March 17th
- Multifamily Recycle – March 25th
January 2020
Things are going well at 98Fifty as we continue to implement our value-add business plan.
I am excited to announce that my partner, Ashcroft Capital, will be launching a new Investor Portal, which is designed to improve communication and engagement with you, our partner. When the portal is officially launched, I will send you an email with instructions on how to login, as well as an FAQ guide about how to use the portal.
Also, we will upload your 2019 K-1 tax document to the new investor portal by March 31st. You will be notified via email once it is available. We do not have a specific date other than to say that it will be available no later than March 31st. The IRS revised the 2019 K-1 to require additional information for all partners investing with a disregarded entity (i.e., a single-member LLC). If you are investing with us with a single-member LLC, please fill out this AdobeSign document by clicking here.
We are exceeding our projected rents by $87 for all newly-renovated unit leases
The following resident appreciation and retention events are being hosted in February:
-
- Valentine w/ Management – February 13th
- Bring Your Own Neighbor Open House – February 19th
- National Nacho Day – February 26th
In related news, according to the most recent Bureau of Labor Statistics economic data, Texas added more jobs in 2019 than any other state. Additionally, the Dallas-Fort Worth-Arlington MSA was the #2 ranked market in the number of new jobs added in 2019. In fact, the number of new jobs added in 2019 outpaced the total number of jobs added in 40 out of 50 states. Click here to learn more.
December 2019
You can download the quarterly financials (rent roll and profit and loss statement) by clicking here.
We are exceeding our projected rents by $64 for all newly-renovated unit leases.
The following resident appreciation and retention events are being hosted in January:
-
- Resident Lunch – January 17th
- H&R Block Tax Prep – January 23rd
- Management Team Meet & Greet – January 30th
Lastly, click here for a news article that reinforces our thoughts on the continued strength of multifamily housing. According to data compiled by Deutsche Bank, the median age of US homebuyers is now 47. For comparison, the median age of US homebuyers in 1981 was 31. Much of this rise can be attributed to the extreme reduction in young, first-time homebuyers in the housing market. This means more and more people will be renting rather than buying.
November 2019
We are exceeding our projected rents by $62 for all newly-renovated unit leases.
The following resident appreciation and retention events are being/were hosted in December:
-
- Breakfast On The Go – December 12th
- Giftwrap Party – December 17th
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 exceeding our projected rents by $60 for all newly-renovated unit leases.
The following resident appreciation and retention events are being hosted in November:
-
- Pizza By The Gate – November 15th
- Breakfast On The Go – November 19th
- Renewal Party – November 25th
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
Please click here to download the quarterly financial statements (current rent roll and profit and loss statement).
We are exceeding our projected rents by $63 for all newly-renovated unit leases.
The following resident appreciation and retention events are being hosted in October:
-
- Web Event: Show Off Your Fur Babies Raffle – 10/18
- Renewal Party – 10/21
- Resident Spooktacular Event – 10/30
August 2019
We are exceeding our projected rents by $64 for all newly-renovated unit leases.
The following resident appreciation and retention events are being/were hosted in September:
-
- Community Awareness Event
- NFL Kickoff Party
- Playdate Parent Night Out
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
As a reminder, due to 98Fifty performing above and beyond our initial projections during our second full year of ownership, you received a higher distribution last month. We projected an 11.6% return but were able to distribute 11.8%. At the end of July, you received the same 8% annualized plus an extra 3.8%. For example, if you invested $100,000, you received $4,466.67 ($666.67 + $3,800).
Congratulations again on a successful two years! We will re-evaluate the performance of 98Fifty again, in 12 months, to determine how much extra we will distribute.
We are continuing to beat our projected rents by $73 for all newly-renovated unit leases.
The following resident appreciation and retention events are being/were hosted in August:
-
- Back to School Party – 8/8
- Movie Night – 8/14
- Snow Cones in the Office – 8/21
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:
-
- Hotdog Cookout: 7/17
- Renewal Pizza Party: 7/24
- Pool Party: 7/31
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:
-
- Movie Night: 6/12
- Renewal Party: 6/19
- Nacho Bar: 6/26
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 continuing to beat our projected rents by $73 for all newly-renovated unit leases.
The following resident appreciation and retention events are being hosted in May:
-
- Breakfast-on-the-Go: 5/15
- Bingo Night: 5/22
- Nacho Bar: 5/29
In related news, Dallas-based Texas instruments has chosen Richardson as the site for a $3.1 billion chip plant, which will create nearly 500 new jobs. 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 continuing to beat our projected rents by $73 for all newly-renovated unit leases.
The following resident appreciation and retention events are being hosted in April:
-
- Hot Dog Day: 4/10
- Renewal Pizza Night: 4/17
- Taco Night: 4/24
In related news, Texas Neurology has signed a 15-year lease for more than 40,000 square feet at the 6080 NCX building, only 6 miles from 98Fifty. Click here to learn more.
February 2019
- The current occupancy rate is 88.2% and preleased occupancy is 91.8%
- Since acquiring 98Fifty, we have renovated a total of 93 of 196 units (3 new units in February)
- We are hosting the following events at 98Fifty in March:
- Nacho Bar: 3/6
- Taco Thursday: 3/7
- Open House: 3/14
- Renewal Party: 3/21
- “Early Bird” Rent Contest: 3/27
In related news, DXC Technology, an affiliate of Hewlett Packard, signed a 100,300-square-foot lease at the new 3400 at CityLine building in Richardson, TX, which will bring 500 new jobs to the market. 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
- The current occupancy rate is 92.9% and preleased occupancy is 93.9%
- We have renovated a total of 90 of 196 units (2 new units in January) since acquiring 98Fifty.
- We are hosting the following events at 98Fifty in February:
- Open House: 2/13
- Renewal Party: 2/19
Brookings recently released migration data from the US census to identify major metros that attracted Millennials (ages 25 to 35) and Dallas-Fort Worth was ranked number 3 in the country with an average net migration of 12,665 per year between 2012 and 2017. This data reinforces our thoughts on the continued strength and demand in the DFW market. Click here to read more.
December 2018
- Our occupancy rate has increased for the second straight month to 95.4% (up from 91.8% last month and 88.7% two months ago)
- Preleased occupancy is 92.3%
- Since acquiring 98Fifty, we have renovated a total of 88 of 196 units (3 new units in December)
- We are beating our projected rents by $73 for all newly-renovated unit leases (up from $60 in November)
A record number of companies left California for states with a better business climate, and a new report shows that Texas remains the number one destination. According to the study, 1,800 companies left California in 2016 (the most recent year data is available for), which is a 9-year high, and 299 of those companies moved to Texas. Click here to read more.
November 2018
- The occupancy rate has increased to 91.8% (up from 88.7% last month), which puts us above the 90% occupancy projection we stated in last month’s recap email
- Preleased occupancy is 90.8%
- We have renovated a total of 85 of 196 units since acquiring 98Fifty
- We are beating our projected rents by $60 for all newly-renovated unit leases (up from $47 in October)
A global consulting and technology firm, Infosys, recently announced it would open its next Technology and Innovation Hub in Richardson, TX, the submarket in which 98Fifty is located. They are slated to hire 500 workers by the 2020. This reinforces our thoughts on the continued strength of the Richardson submarket. Click here to learn more
October 2018
- Current occupancy is 88.7% and preleased occupancy is 90%
- The slight dip in occupancy is to due seasonality, as well as skips and turnovers
- We are projected to be over 90% by the end of the month
- Since acquiring 98Fifty, we have renovated a total of 85 of 196 units (4 new units in October)
- We are beating our projected rents by $47 (up from $35 in September) on all newly-renovated unit leases