209-Unit Multifamily Asset
Aspen Apartments was purchased by Rebus Capital, LLC in July 2018. This 1974 build asset has a value-add opportunity in the form of deferred maintenance of exterior and interiors, poor management and maintenance, as well as astronomically high utilities. There is also significant bad debt on the property.
Rebus Capital's plan is to immediately replace the roofs on all buildings. In addition, about 60% of the interior units are being upgraded with vinyl plank flooring, new black appliances, two-tone paint and new fixtures. This will allow the property to receive higher rents. Finally, Rebus will be partnering with eConserve. eConserve projects that the property's water bill will be lowered by 53%.
We are very excited to also be partnering with Madera Residential for the first time. Madera is a professional property management company with similar strategies as Rebus. They have a truly unique culture and level of excellence. We believe that Rebus and Madera will have a strong future together.
Based on our value-add strategy, decreasing expenses and great purchase price, Rebus Capital and our investors will enjoy healthy returns.