Progress Journal page 2

Monday October 5

The most noticeable project this week is the replacement of the 220 ft wood picket fence along the entrance drive in front of the office. Owners of the neighboring office complex were so happy about the improvements we had made to the community that they agreed to clear the dead trees and rubbish from their side of the fence. Six inch pressure treated pickets were attached to the 2x4 rails with deck screws to enhance the durability of the structure along the well-established “side entrance” to the property. We expect the boundary to be a challenge to a few residents (but hopefully no concertina wire will be necessary)!

October 12 - 16

The first 10 interiors will finally receive flooring to complete those rehabs. Furniture was leased for photos of the model unit which looks outstanding! These will be used for the property website and brochures. The official version will be taken by a professional but here is my rendering.

October 19 through Friday, October 30

In the second half of October the onsite staff worked through a barrage of details including finish trashing-out vacancies, installing water heaters, dishwashers and appliances in the remodeled units.

Window glass was replaced as needed, new 220V heat and A/C units with wall sleeves and several entry doors were changed, all while keeping up with resident work requests and repairs. While it is not glorious, timely maintenance is one of the highest resident retention actions that can be taken.

Lease renewal letters were sent out at October end to begin the process of bringing current leases up closer to market rents and transitioning the tenant base upward as well.

November 2 through Friday, November 13

As prospective residents drive by us on the busy Pioneer Parkway they are greeted by the new sign and banners in front of the property. The prominent memorial style sign will be enhanced by a masonry planter and foliage in the coming weeks.

Two new water heaters are being installed in the laundry as the previous ones were mostly inoperative and unreliable at best. Vandalism to the laundry equipment seems to have been finally eliminated.

The first three new residents are moving in to the freshly renovated units this week! This has taken an agonizingly long time, but new marketing directives seem to be generating a good number of new prospects.

Monday November 16

We want to express our appreciation to Geof and Belinda for stepping in as “acting deputy leads” during my recuperation from a medical procedure. Geof likely experienced a “trial by fire” as he did not have much time to prepare for the days he spent on property keeping watch over rehab projects and interfacing with onsite staff. They have brought refreshing perspectives to the project as we work to ramp up the interior renovations and lease-up in the first quarter 2016.

December 1 through 11

The next five renovations were completed and several more units were leased and occupied.

White guttering was installed on all 11 buildings which accented the appearance nicely while protecting the new exteriors. Additional requests for quotation were made for the extensive flood remediation of building 212 soon after the first of the year. It is an expensive prospect but necessary in order to make the entire building inhabitable and adds roughly $60,000 to the annual revenue.

It was good to visit onsite with several of you who have dropped by. Call us anytime to arrange a tour of the property and progress onsite.