UPDATES ON RISE48 EQUITY
OPERATIONS UPDATE
Throughout our assets, we were able to increase rents by another 4.5% this quarter. On average, we’ve increased rents by 15.5% year over year. For deals that we took over in Q1 2021, we’re seeing that we can get our pro-forma renovated rents on our classic units. This means that we can effectively increase rents and burn off loss to lease with little to no pushback. From an expense perspective, we continue to see some increases in payroll as a result of the nationwide shortage on labor. We’re continuing to work with our PM to identify the right candidates and offer competitive salaries to our employees. The robust rental growth, coupled with stabilized expenses is resulting in us pushing past our NOI targets. We’re exceeding our pro-forma budgets across the portfolio and feel that all of the properties are performing very well.
CAPEX UPDATE
The robust rental growth, coupled with stabilized expenses is resulting in us pushing past our NOI targets. We’re exceeding our pro-forma budgets across the portfolio and feel that all of the properties are performing very well.
PHOENIX MSA UPDATE
Rise48 Equity has completed $424,251,000 in total transactions since 2019, and currently has $384,251,000 of Assets Under Management, all in the Phoenix MSA.
To learn more about our investments, schedule a call: www.rise48equity.com/invest or visit our website: www.rise48equity.com
