We are half way through the year, and we are looking forward to the rest of 2019.
In May we had our 2-day Investor Summit here in Phoenix – we were so thrilled to see those who were able to make it. Included in this update, particularly since we know there were so many of you who are just not able to make the Summit, are some of the highlights. You’ll find the link in this letter to the video of the presentation by our tax consultants at Beach Fleishman. Eric Freemen gave an overview of the 1031 Exchange process. As we move through the months, I will be sending more video snippets of the Summit.
We completed refinances on the Place at Sonoran Trails, The Place at Green Trails and The Place at Santana Village. We were able to distribute funds from the Sonoran Trails refinance – with distributions to follow on Green Trails and Santana.
The Place at Riverwalk Update:
We opened the office at Riverwalk on May 1, the first building was opened on May 10th, the second 30-unit building was delivered on June 10. The third is expected for delivery on July 15th, and we expect the project to be completed the middle of November. As of July 10, we have leased 115 units, or 55% of the project. We are leasing at the phenomenal rate of 1.6 units per day, with no leasing concessions! 58 units are already occupied. Because of this success we have been able to consistently raise rents, and the current market rents exceed those in the Business Plan by approximately $32,000! We have included a quick video from our very own Greg Flatt.
We have attached two information report, one from CoStar, and the other from CBRE on the Tucson Market.
In our September newsletter, we will be announcing some XXXX for all of our MC investors and those of you out there waiting to become one!