APEX-1-3

APEX Apartments, Fort Worth Texas

Published On: September 14th, 2023

I am delighted about this update and the progress that has been made by our partners on APEX. We felt this asset had great upside potential, and we are starting to see their hard work show in the occupancy rates and the numbers. – Parker Smith COO

We have some excellent updates on APEX Apartments asset in Fort Worth, Texas.

The asset management has shown remarkable performance improvement over recent months.
Occupancy rates jumped from 84% at the end of April to 93.4% currently.
A total of 68 units have already been renovated, and the team was able to achieve the target of renovating 50% of all units by September 8th, 2023.

Prioritizing a robust cash flow, the team has observed better monthly collections. However, they anticipate challenges due to potential hikes in property taxes and insurance. Proactive steps have been taken regarding a 40% surge in the current year property tax valuation.

Collaborating with Cantrell McCulloch, Inc., a leading multi-family property tax representation firm in Texas, the team managed to reduce the valuation from $15,162,304 to $12,800,000. Although this remains 16.4% above the 2022 value, the firm advised legal action, leading to the engagement of Warren Fonville PLLC for representation who will help in this matter.

Regarding insurance, the team is actively seeking alternative providers. However, the Texas market has presented challenges, likely due to recent loss events. They remain committed to identifying a solution before the policy renewal in December 2023.

May

Occupancy began at 91.4% and closed at 93.4%.
Monthly income reached $155,477, marking an upswing of $4,994 from the projected $150,483.
Net operating income stood at $70,435, which is $5,681 above the forecasted $64,754.

June

Occupancy was consistent at 93.4%.
The monthly income was $153,928, surpassing the expected $148,531 by $5,397.
The net operating income was a notable $76,982, an increase of $11,711 over the projected $65,271.

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