VILLAGE SQUARE AT OLDE TOWN FULFILLING OUR VALUES

We acquired what was formerly known as “Mendoza Dela Casa” as a bank-owned asset at about $42,000 per unit. Allegedly, the previous owner had defrauded his lender, obtained funds to repair the property, been accused of misappropriated funds. The seller was foreclosed on, subsequently filed bankruptcy, and lied in court. This individual is now in jail.

Upon takeover, the property was about 60% occupied, many of which were very bad neighbors. To say that the tenants were living in filth was an understatement. Of the current tenant base that were good hardworking people just trying to live well, each one had a basic need that was not being met by their landlord (air conditioning, running water, electricity, missing or non-working appliances, etc.)

Despite its appearance, this is a 1993 build and with very good structure, plumbing, and most electrical. Our first move was to tear off and replace all roofs, seal all windows, remove all T1-11 siding and replace with vinyl and paint. We then removed the jail-like fencing and replaced with painted wood fencing that would protect and hide the condenser units. We then battled with the city to allow electric meters to be replaced while renovating nearly every unit from the studs. All of this was completed in a rising inflation environment and required constant value engineering to stay on budget.

The property is now in the lease up phase and renting at about $800 - $850 per unit. We have provided a safe place for upper-level Class C residents to live by eradicating crime in the area. We have provided an affordable place to live that sits well below market rent in Augusta. We have provided a quality that does not exist in the Class C space. Our investors are set to make a pretty penny at refinance time.