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Founders Grove Capital

MacArthur Place Update History

August 2021

 

MacArthur Place

At MacArthur Place, occupancy is 95.4% and collections were 95.2%.

Distributions

Monthly distributions were sent out yesterday with the accompanying email notification.

Operations

Occupancy was 95.4% in August (compared to 96.1% in July), and preleased occupancy is higher at 99.8%. Collections on occupied units were 95.2% in August, remaining the same as July.

In the month of August, average rents over the past two months exceeded projections by $143.

July 2021

At MacArthur Place, occupancy is 96.1% and collections were 95.2%.

Distributions

In addition to your regularly scheduled distributions, we are pleased to announce that investors can expect to receive an additional 8% distribution this month. That means that for every $100,000 invested you will receive $8,000. This distribution is due to the property’s strong performance as well as COVID-19 escrows being released. Distributions will be sent out by the end of the month.

Operations

Occupancy increased to 96.1% in July (compared to 92.9% in June), whereas preleased occupancy is higher at 94.7%. Collections on occupied units increased to 95.2% (compared to 93.8% in June). Thirteen new units were renovated over the last month for a total of 281 units since acquisition. Over the past two months, rents have exceeded projections by an average of $124.

June 2021

Occupancy is 92.9% and collections were 93.8% at MacArthur Place.

Distributions and Financials

We are pleased to announce that we have outperformed initial projections in the second year of ownership. As such, we are sending an additional 2% distribution with your regular monthly distribution. When we acquired MacArthur, we had projected a year two annualized return of 8.4%. With this bonus distribution, we achieved a 10.0% annualized return. As a reminder, we were also able to execute a refi in Q4, 2020 that allowed for an additional 20% of your invested capital to be returned. These distributions will be sent out by the end of the month.

The Q2 Financials (rent roll and trailing 12-month profit and loss statement) are now available on the Investor Portal. Log in to your account to view by clicking here.

Operations

Occupancy was 92.9% (compared to 90.8% in May) while preleased occupancy is even higher at 99.5%. Collections on occupied units were 93.8% (compared to 96% in May).

Nine new units were renovated over the last month for a total of 268 units since acquisition. Rents are currently exceeding projections by an average of $38 and in June our recent leases have exceeded projections by $143.

May 2021

 

Both occupancy (93.9%) and collections (96.4%) increased at MacArthur Place.

Distributions

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

Operations

Occupancy increased to 93.9% (compared to 90.8% last month) and preleased occupancy is even higher at 95.4%. Collections on occupied units increased to 96.4% up from 95%. The marketing plan put in place by a strong property manager and her team has resulted in increased occupancy and is being put in place at other properties as well.

Nine new units were renovated over the last month for a total of 259 units since acquisition. Rents are currently exceeding projections by an average of $47 and over the past two months our recent leases have exceeded projections by $118. Ultimately, we have achieved over $150 over our projections on most of the unit plans at MacArthur.

Resident Activities

While remaining conscious of our residents’ and staffs’ health and safety, we hosted a Cupcakes-To-Go event for our residents.

April 2021

 

Both occupancy (90.8%) and collections (95.0%) increased at MacArthur Place.

Distributions

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

Operations

Occupancy increased to 90.8% (compared to 90.6% last month) and preleased occupancy is even higher at 94.7%. Collections on occupied units increased to 95.0% for April (compared to 87.0% for March).

One new unit was renovated over the last month for a total of 250 units since acquisition. We are exceeding our projected rents by $85 on all new upgraded unit leases and by $109 on the 56 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, this included:

  • Donuts on the go
  • Snacks on the go

March 2021

 

Occupancy (90.6%) is trending in the mid-90s while improving  the collections (87.0%) is a major focus of our in-house property management team, Birchstone.

Update on Impact of Inclement Weather

All remediation and reconstruction have been completed at MacArthur Place at 183. Our insurance has approved the costs incurred to repair.

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 90.6% (compared to 92.3% last month) and preleased occupancy is 93.0%. Collections on occupied units was 87.0% for March (compared to 90.2% in February). Collections are approaching 90% and we are confident that we can reach the mid-90s given the strength of our in-house property management team, Birchstone.

Renovations

We are exceeding our rent projections by $78 on all previously renovated unit leases and by $104 on the 27 previously upgraded leased over the past three months. This is an improvement from last month because of the recent $30 rent increase on two of our most popular floorplans.

Resident Activities

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

February 2021

 

Occupancy (92.3%) and collections (90.2%) are strong at MacArthur Place.

Update on Impact of Inclement Weather

15 units were impacted at MacArthur Place, as well as the fitness center. Repairs have begun and most of the water has been removed via wet vac. The pool also suffered a pipe burst. The pipe bursts damaged drywall and carpet of numerous units, which will need to be repaired. Currently, we are working on calculating the repair 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

Current occupancy is 92.3% and preleased occupancy is 95.4%. Collections on occupied units was 90.2% for February. Our in-house property management company has been managing MacArthur Place for about a month. We have a great site manager and team, positioning MacArthur Place for continued success.

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

January 2021

 

Occupancy (94.0%) and collections (94.6%) are strong at MacArthur Place.

Update on Impact of Inclement Weather

In total, seven pipes burst. One resident was displaced from their unit as a result and were moved to one of our vacant units. The pipe bursts damaged drywall and carpet of numerous units, which will need to be repaired. Currently, we are working on calculating the repair 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

Occupancy has increased to 94.0% (92.5% last month) and preleased occupancy is even higher at 95.0%. Collections on occupied units was 94.6% for January.

MacArthur Place is one of the first properties taken over by our new in-house property management company, Birchstone. The transition went smoothly, and the team is excited and optimistic.

Below is a picture collage of the takeover.

 

Renovations

Three new units were renovated over the last month for a total of 230 units since acquisition. We are exceeding our projected rents by $74 on all upgraded unit leases and by $100 on the 33 upgraded units leased over the previous three months.

Due to the strong operations at MacArthur Place, we increased rents by $30 on two 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:

  • Hot Cocoa and Cookies
  • Sweets and Treats
  • Renewal Party

December 2020


MacArthur Place continues to perform extremely well during the COVID-19 pandemic.

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 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 and Renovations

Occupancy is 92.5% (compared to 94.0% last month) and preleased occupancy is 94.7%. Collections on occupied units was 95.5% for December.

Six new units were renovation over the last month for a total of 227 since acquisition. We are exceeding our projected rents by $95 on the 30 upgrade units leased over the previous three months.

Because of the strong operations and rents demanded on upgraded units, we plan on increasing the asking rents on all floorplans by the end of Q1.

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:

  • Pizza Party
  • Cupcakes on the Go
  • Breakfast on the Go

November 2020

Occupancy (94.0%) is stabilized and collections (96.7%) increased at MacArthur Place.

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 94.0% (94.3% last month) and preleased occupancy is 95.0%. Collections on occupied units increased to 96.7% (95.2% last month).

We renovated 10 new units last month for a total of 221 units since acquisition. Rents on all upgraded units are $59 above our projections. On the 34 upgraded units leased over the last three months, we are exceeding our rent projections by $89.

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:

  • Pizza Party
  • Smores with Family and Friends

October 2020

Occupancy (94.3%) and collections (95.2%) remain largely unaffected by the pandemic at MacArthur Place.

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

Operations at MacArthur Place remain strong and stable. Occupancy is 94.3%, compared to 94.5% last month, and preleased occupancy is 95.2%.

Collections on occupied units increased to 98.5%, compared to 98.1% last month.

Overall, operations have been minimally impacted by the pandemic.

Renovations

We renovated another 11 units of the last month for a total of 211 units renovated since acquisition. Rents on upgraded unit leases are exceeding our projections by $51. Rents on the 35 upgraded units leased over the last three months are $88 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. In November, these events will include:

  • Hot Cocoa and Cookies
  • Sweets and Treats
  • Renewal Gathering

Also, click here to view the community newsletter we send to our residents each month.

September 2020

Both occupancy (94.5%) and collections (98.1%) remain strong at MacArthur Place.

Distributions

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

As a reminder, we refinanced MacArthur Place into a new loan. The distribution from the refinance, which was sent earlier this month, was equal to 20% of your initial investment. We are saving approximately $50,000 per month in interest payments with the new loan.

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

Operations remain strong at MacArthur Place. Occupancy is 94.5% and preleased occupancy is 95.6%. Collections are nearly perfect. We collected rent on 98.1% of occupied units last month.

Renovations

We renovated 21 new units since last month’s recap email, bringing the total to 200 since acquisition. Overall, we are exceeding our projected rents on renovated unit leases by $29. Over the last three months, we are exceeding our projected rents by $58 on 37 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:

  • Hot Cocoa and Cookies
  • Trick or Treat Goodie Bags
  • Pizza Renewal

August 2020

Occupancy (96.2%) and collections (98.7%) are both in the high-90s at MacArthur Place.

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 the next distribution by the end of the month.

Operations

The occupancy rate has increased for the fourth straight month to 96.2% (up from 96.0% last month). Preleased occupancy is even higher at 97.3%.

Collections also remain strong at 98.7% for occupied units. 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 MacArthur Place’s strong occupancy and collections during 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 $24 on renovated unit leases. Over the past three months, we’ve beat our projected rents by an average of $51 on 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. In September, these events will include:

  • Ice Cream Sundaes
  • Pizza Renewal Party
  • Pop-In Popcorn

July 2020

MacArthur Place continues to perform well during the coronavirus pandemic. Occupancy has surpassed 95% and we are exceeding our rent projections by over $50 on newly renovated units.

Distribution

We will continue to send monthly distributions for MacArthur Place. Your next distribution will be sent by the end of the month.

As a reminder, June marked the first full year we owned MacArthur Place. Due to its performance over the first 12-months, we sent an extra distribution equal to 1% of your initial investment last month. Congratulations again on a successful year. We will evaluate the performance of MacArthur Place at the 24-month mark and will send an extra distribution at that time, if applicable.

Operations

The occupancy rate has increased for the third straight month to 96.0% (compared to 94.0% and 92.8% in July and June). Preleased occupancy is even higher at 97.6%.

Demand has remained high, which is reflected by an average of 150 unique pieces of traffic each week (nearly twice the average of other properties in our portfolio).

Collections have also remained strong.

Renovations

We have continued to upgrade vacant units. Overall, we are exceeding our rental premiums by $23 on all upgraded unit leases. Also, the 52 upgraded units leased over the previous four months exceeded our rental projections by $52.

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:

  • National Chocolate Chip Cookie Day
  • Breakfast On The Go
  • National Banana Split Day

Click here for a picture of the cookies from last month’s “Kid’s Day Sweet Treats” event.

June 2020

Things are continuing to go well at MacArthur Place despite the economic fallout from the coronavirus pandemic. Occupancy has continued to trend upwards and collections remain strong.

Here are some other updates on MacArthur Place over the previous 30 days:

Distributions

Due to the continued strong collections and occupancy, we will be able to continue to send out monthly distributions for MacArthur Place.

Also, June marked the first full year we’ve owned MacArthur Place. We evaluated its performance over the last 12-months and determined we can send an extra, one-time distribution this month – in addition to your regular 8% prorated monthly distribution. This distribution will equal 1% of your initial investment. If you invested $100,000, for example, you will receive $1666.67 by the end of the month.

Congratulations on a successful first year. We will re-evaluate MacArthur Place at the end of year 2 and send an extra distribution if applicable.

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 up to 94.0% (compared to 92.8%% last month) and preleased occupancy is 96.2%.

We’ve experienced incredibly strong and consistent demand at MacArthur Place amidst the coronavirus. We are continuing to average over 150 inquiries per week, compared to an average of 60 to 90 at other properties in our portfolio.

Collections since the onset of coronavirus have been strong. This means we don’t expect a large uptick in bad debt once the eviction moratorium set forth in the CARES Act expires in August.

The strong operational performance is due in part to our extraordinary property manager and her team, which will set MacArthur Place up for continued success in the future.

Renovations

All major exterior capex is completed. MacArthur Place has a different feel and look given the dramatic upgrades to the leasing center and other amenities. We are also adding additional pool furniture to give the property more of a luxury aesthetic. Click here for an HD photo gallery of MacArthur Place.

We are also continuing to move forward with interior renovation projects. On average, rents on our upgraded units are exceeding our projections by $22. In the previous four months, 46 upgraded units were leased and exceeded our projections by an average of $55.

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
Taco Truck
Kids Day Sweets & Treats


May 2020

 

Things are going well at MacArthur Place despite the economic fallout from the coronavirus pandemic. The impacts from coronavirus have been minimal and we expect operations to return to normal by the middle of the month.

Here are some other updates on MacArthur Place 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 MacArthur Place. 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 92.8% (compared to 95.1%% last month) and preleased occupancy is 94.5%. This minor dip in occupancy is solely due to skips from a small number of residents impacted by the coronavirus. Our occupancy is trending to be in the mid-90s by July.

We’ve experienced incredibly strong and consistent demand at MacArthur Place amidst the coronavirus. We are averaging over 150 inquiries per week, compared to an average of 60 to 90 at other properties in our portfolio.

Collections since the onset of coronavirus have been strong. This means we don’t expect a large uptick in bad debt once the eviction moratorium set forth in the CARES Act expires in August.

The strong operational performance  is due in part to our extraordinary property manager and her team, which will set MacArthur Place up for continued success in the future.

 

Renovations

All major exterior capex is completed. MacArthur Place has a different feel and look given the dramatic upgrades to the leasing center and other amenities.

We are continuing to move forward with interior renovation projects. On average, rents on our upgraded units are exceeding our projections by $11. In the previous four months, 35 upgraded units were leased and exceeded our projections by an average of $55.

 

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:

  • Pizza Patron Truck
  • Donuts with Dad
  • Kona Ice Truck

 


 

April 2020

 

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

Here are some updates on MacArthur Place 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 MacArthur Place. 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.

Lastly, we added HD photos of the new amenities and common areas to the MacArthur Place website, which you can view by clicking here.

 

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:

  • Pizza Patron Truck
  • Individual Snack to Residents
  • Kona Ice 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 MacArthur Place, 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 72.6%. This means we will be able to cover all expenses, and conserve your investment, at an occupancy rate that is 72.6% or higher.

 

Operations

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

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 33 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 MacArthur Place is adapting quickly to this new reality.

 

Residents

Our operational goals are always to meet and exceed residents’ standards and their safety and happiness is our mission. During these challenging times, we’ve constantly provided local and national resources for our most impacted residents. These include local housing organizations, churches, and food banks.

Since our gym and common areas are closed, we are hosting resident events that promote social distancing. In April, these include:

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

 

Financials

Since we have now successfully rolled out the Investor Portal, the quarterly financials will be available for download off of the Investor Portal. We will upload Q1 2020 financials (a current rent roll and trailing 12-month profit and loss statement) by the end of April.

If you have already logged in and would like to be taken directly to the portal Click here.  If you have not received your invitation or it recently expired, and you need it re-sent, please contact chat@ashcroftcapital.com  In order to expedite any future or previous distribution requests changes, you must log in to the portal and add your complete profile information in order to make any changes to your payment information. Without doing so, the system will not allow it. If you need help navigating through the portal you may contact IMS support at 855-866-0889. Please click here to view the investor portal FAQ document.

 

I am proud to be your investment partner and look forward to working through today’s challenges together. I hope that you and your family are well.

 


 

 

February 2020

 

As a reminder, we launched the new Ashcroft Capital Investor Portal. You should have received an invitation already. If you didn’t, please check your spam folder. If it isn’t in your spam folder, please let us know by emailing chat@ashcroftcapital.com. 

If you haven’t done so already, please login and confirm that your personal information is accurate. If not, please make sure that you update it by adding all your current information as well as updating payment information. If we need to make any changes to any of your deal information only, please let us know by emailing chat@ashcroftcapital.com. You can read and review the FAQ page by clicking here.

Starting on May 1st, you will be able to download a statement showing all the distributions that you’ve received to date.

Also, we will upload your 2019 K-1 tax document to the new investor portal by March 31st. You will be notified via email once it is available. We do not have a specific date other than to say that it will be available no later than March 31st. 

 

We are achieving our projected rental premiums for newly-renovated unit leases.

No vacant nonrenovated units to renovate in February at MacArthur Place.

Capital expenditure updates:

    • Fitness Center: additions are in progress
    • All other exterior capital expenditure projects are in progress

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

    • St. Patty Happy Hour – March 13th
    • Food Truck Event – March 18th
    • National Waffle Day – March 25th

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 achieving our projected rental premiums for these newly renovated unit leases.

Capital expenditure updates:

    • Fitness Center: additions are in progress
    • All other exterior capital expenditure projects are in progress

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

    • Cupcake Party – February 7th
    • Valentine Refreshments – February 14th
    • Renewal Party – 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

 

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

We are achieving our projected rental premiums for renovated unit leases.

Capital expenditure updates:

    • Sport Court: completed
    • Clubhouse: the conversion project is completed
    • Fitness Center: the additions are in progress
    • All other capital expenditure projects are in progress

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

    • Pizza Day – January 10th
    • Cookies & Brownie Hour – January 17th
    • Grand Opening Tours – January 24th

In related news, an article discussing the strong growth in professional services in Dallas Fort Worth’s office market stated that Las Colinas-Irving currently has 2 million square feet of Class A office product under construction. Additionally, Las Colinas has added over 54,000 employees since 2009, which is “equivalent to a full Boeing 737 landing in Las Colinas every day for a year, unloading its passengers and everyone staying.” Click here to read more.

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 achieving our projected rental premiums for these newly renovated unit leases.

Capital expenditure updates:

    • Sport Court: project is in progress
    • Foundations: repairs are in progress
    • Clubhouse: the conversion project is in progress
    • Fitness Center: the additions are in progress
    • All other capital expenditure projects are now in progress

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

    • S’Mores All Day – December 5th
    • Cocoa Bar and Marshmallows – December 12th
    • Renewal Pizza Happy Hour – December 19th

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

 

Renovations are complete on the first 5 units and we’re achieving our projected rental premiums for these newly renovated unit leases. We are currently renovating all vacant units.

Capital expenditure updates:

    • Sport Court: Project is in progress
    • Foundations: Repairs are in progress
    • Clubhouse: The conversion project is in progress
    • Fitness Center: The additions are in progress

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

    • Hot Chocolate and Marshmallows – November 15th
    • Continental Breakfast – November 22nd
    • Cupcakes With Your Parents – November 26th

In related news, Microsoft plans to hire as many as 575 employees to expand its technology center in Irving, TX, which is the submarket in which MacArthur Place is located. Microsoft also plan on investing $31 million into this expansion. This reinforces our thoughts on the strength of the Irving submarket. Click here to learn more.

 


 

September 2019

 

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

Capital expenditure updates:

    • 5 units are currently being renovated and are nearly completed
    • All exterior capex projects are in progress
    • We have made significant progress on foundation repairs and the clubhouse renovation

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

    • Ice Cream Social – 10/11
    • Renewal Party – 10/11
    • Continental Breakfast – 10/18
    • Spooky Day – 10/25

 


 

August 2019

 

Capital expenditure updates:

    • All exterior capex projects are in progress.

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

    • Hotdog Cookout – 9/9
    • National Pizza Day Party – 9/16
    • Cupcake Bar – 9/23

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

 

Capital expenditure updates:

    • The scope of work for the exterior and interior capex projects have been approved.
    • We mobilized the contractors and the work will begin in the second week of September.

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

    • Bagels in the Office – 8/9
    • Renewal Pizza Party – 8/16
    • Hotdog Cookout – 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 Hotdog Day – Hotdog Cookout: 7/17
    • National Vanilla Ice Cream Day – Ice Cream Sundae Bar: 7/23