Sundance Apartments is a 32 Unit “add value” apartment opportunity that Investcor purchased in 2008. Although it is a “C” property, extensive renovations and improvements resulted in a 25% increase in rents in 18 months, and have continued to rise with the healthy rental market since then. In addition to increasing revenue, we managed to find ways to significantly decrease costs. Replacing the water heaters and re-insulating the hot water pipes led to significant savings from gas and water bills.
We also utilized a water conservation program available through the City of San Marcos, and replaced all the toilets, shower heads and water faucets. The high efficiency toilets, shower heads and new faucets made large cuts on gas and water as well. New landscaping, new fencing, resurfaced and repainted parking lot all made significant cosmetic changes to the property. The anticipated hold period for Sundance was 3 -5 years and we sold the property after 4 years.