Interior renovations are complete on all units at the Enclave at Lake Ellenor, a 296-unit apartment community that we acquired in November 2016. Renovations have progressed ahead of schedule, and completion of exterior renovations is expected by the end of the year.
So far, residents have been pleased with both in-unit and common area renovations: average renewal rents are roughly $80 higher than last year.
Adding value at an affordable cost
This equity investment follows our “buy, fix, and cash-flow” strategy, by investing in low-to-moderate cost housing with the intention of completing renovations to boost cash flow.
At Fundrise, we understand the importance of pursuing unit renovations that create a high end appearance while utilizing affordable, durable products that can withstand some wear and tear.
Renovated units at the Enclave at Lake Ellenor feature engineered wood flooring. As shown in the photos, this affordable flooring has the sought-after appearance of hardwood, but the low maintenance and durability preferred in rental units. The newly-renovated units have commanded an average 24% increase in rents.
