Summary
Watercolors of Centerton is a premier community situated on the border of Centerton and Bentonville. Just three miles from charming Downtown Bentonville, the ideal location offers residents the tranquil atmosphere of a small town along with the many attractions of a larger city.
PROPERTY OVERVIEW
– Phase 1 & 2: 232 units
– Phase 3: 144 units, Under Construction
– Purchase Price: $73.2MM
– Year of Construction: Phase 1 & 2 [2018] Phase 3 [Expected Completion Date Of June 2023]– Class A+ Property
BUSINESS PLAN
– Gradually increase leased rents upon renewal between $200 – $400 over 24 months.
– Add smart locks and thermostats to 100% of units immediately after acquisition.
– Add new pool furniture, buy new gym decor, add additional items to the business center.
– Build and install covered parking, add Tesla charging stations, and build storage areas for the residents.
– Buy 2 new modern signs for each side of the property and repaint the metal railings throughout the complex.