I recently returned from visiting the Cortland Portfolio asset in Washington DC with my team. This is always one of my favorite parts of the process because you get to experience the full breadth of what the asset has to offer.
There are two questions I like the team to ask during this process.
- “Would I live here?”
- If we get the chance to talk with the tenants; “What do you like about living here?”
Among the 45 units, we saw that the asset has great “bones”, workable floor plans, considerable potential for refurbishment, an incredibly convenient location, and a great sense of community. These are just a few of the reasons why the team is excited about this asset and why the team decided to go under contract on the asset originally after their initial inspection.
When we spoke to the tenants, many mentioned that they loved the location and accessibility to local restaurants, work, the metro, and nearby attractions but they also seemed to enjoy the community aspect and talked about how close they were with their neighbors, enjoying frequent get-togethers and cookouts.
Of course, it was great to see that the property had very little to no deferred maintenance, has plenty of potential for value-add upside, and that the economic fundamentals checked out, but it’s also nice to experience firsthand the little things that help to complete the process for us.
While we were there, we also had a chance to check in on Hickory Point in Newport News and the RVA Portfolio consisting of the Marshall Park, District Square, Broadway, and Grace & Monroe properties. Visiting the properties and talking to the local team and residents is truly one of my favorite parts of my job.
The team and I are really pleased about the quality of the portfolio we are continuing to grow. If you have any questions please e-mail us at support@caltier.fund.
Parker Smith
Founder and COO