101-UNIT MULTIFAMILY ASSET
Honeycomb Apartments was purchased by Rebus Capital LLC in May 2017. This 1967 build asset had a value-add opportunity in the form of deferred maintenance of exterior and interiors, untested rent and laundry prices, poor pre-leasing management systems, and constant high occupancy—implying potential for rent raise. Honeycomb is located in South Overton right across the street from Texas Tech University, and is a popular choice for students. We bought this property because of it's value-add potential and location in a growing area of Lubbock, TX.
Rebus Capital will begin by rehabbing the exterior with new railing and repaired staircases. Along with that, we will be painting doors, cleaning up the entrance to the leasing office, and replacing old signage with new branding and name.
The interior of the units will be updated as they turn over. Rebus Capital will be replacing bathroom vanities, updating cabinets, replacing mini-refrigerators with new full size refrigerators, and replacing old lighting with modern track lighting.
Rebus Capital will also be partnering with a local laundry care company. The two clothes care facilities will be rehabbed with the installation of brand new commercial washers and dryers, new flooring, and fresh paint.
Lastly, Rebus Capital has hired a full-time onsite management and maintenance team with years of experience with this particular property.
Based on this value-add play, Rebus Capital LLC and our investors have enjoyed healthy returns.