168 Unit Apartment Complex
Colorado Spring Colorado
Acquired in June of 2014 for $5,900,000, current market value (6/18) is estimated at $19,000,000.00. Shefflin Investment identified this severely neglected and under-rented apartment complex for a 1031 Exchange due to its below-market rents, and close proximity to two properties already owned. Montecito became a target property because of out specific market knowledge of how the property could be improved and rental structure increased. Joel Shefflin demonstrated his market financial capabilities by acquiring a $5,900,000 combination acquisition and rehabilitation loan from Greystone Financial.
We have accomplished the following upgrades: renaming and creating a dramatic new entry sign and landscaping, perimeter fencing, solving drainage problems and complete grounds hardscaping, new children’s playground equipment, complete office interior/exterior makeover, new central laundry facilities, sparkling new swimming pool and decking, addition of two new BBQ area, exterior lighting and complete resurfacing and re-striping of the parking lot. Interior improvements including interior unit upgrade packages, hallway plank-vinal flooring, lighting, we are installing dual pane windows though-out all buildings and offices. Thus far we have increased rental income 25% – 50% on unit turnovers.
