Under-managed assets acquired at 56% below replacement cost. Going-in occupancy was 83%, 16% lower than the industrial market peer group average (source - CBRE). Austin, TX has experienced substantial population growth and net migration.
Value-add opportunity to increase rents and bring the asset to a stabilized occupancy.
VALUE ADD INITIATIVES
Increased occupancy by 13%.
Increased monthly rent by 18%.
Successfully liquidated in 2015.