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Maintenance is easier on the scattered site buildings.

Larger buildings have better economies of scale across individual units. UT/ Notre Dame are larger properties and perform well when large capex items do not occur.

Senior properties have less wear-and-tear than the family properties.

Newer properties with modern amenities and systems.

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Highest performers are duplexes -- have very stable residency with almost no turnover so low operating costs and high collection rate, washer/dryer hookup in unit

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item 2. for those properties that cash flow small debt waterfall paying back in defer notes and defer development fee

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Mixed use property -- commercial underwritten to provide cash to residential but commercial remains vacant

Evictions post-Covid moratorium created high operating cost (legal) and high bad debt

Increased real estates

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Historical neighborhood/ security issues.

2/3/4 BR units in a 8-building 75-unit complex.

2 BR LIHTC units struggle the most.

Place in service > 20 years. Building age in many of these is over 50 years old adding to maintenance issues. Existing systems that are beyond their lifecycle.

Strategies to resyndicate, dispose and responsibly take care of residents. Transfer residents to newer homes??

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Smaller properties - rent restrictions, turnover units, collections and defer maintenance.

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Reach- Characteristics of properties providing cash to organization. 

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Reach- Characteristics of properties providing cash to organization. 

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Properties at year 15 that are able to refinance.

Properties with less restricted reserves, with no mortgage. Able to leverage reserves.

Low resident turnover; lower vacancy.

Smaller properties with lower maintenance cost and lower turnover.

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Characteristics of properties providing cash to organization 

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Characteristics of properties providing cash to organization 

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(look at your exercise 3) – both mission and other characteristics:

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Characteristics of properties being fed by organization 

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Characteristics of properties being fed by organization 

# data[].attributes.body
(look at your exercise 3) – both mission and other characteristics:

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Reach-Characteristics of properties being fed by organization. 

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Reach-Characteristics of properties being fed by organization. 

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Low occupancy, staffing challenges, older properties with deferred maintenance.

Older properties with higher operating cost.

Higher causality loss leading to a higher expense.

Properties experiencing increased lawsuits and higher rates of legal rent collection often face elevated expenses.

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Avenue - characteristics of properties providing cash to organization

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Avenue - characteristics of properties providing cash to organization

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New(ish) tax credit properties with all over 50 units. Mixed income. Slightly higher bedroom density than entire portfolio. Strong management team. Located in desirable neighborhoods with few affordable housing opportunities. All very mission-oriented.

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Avenue - characteristics of properties being fed by the organization

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Avenue - characteristics of properties being fed by the organization

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Galewinds and Elder are older properties, and have under 50 units each. Galewinds and Station required significant rehabs, both of which went over budget. The rehab at Station was not anticipated, and caused income to drop and expenses to soar. Portfolio-wide, older, smaller properties have definitely struggled.

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AHEAD-Characteristics of properties providing cash to the organization

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AHEAD-Characteristics of properties providing cash to the organization

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Rehabbed or newer with energy efficient upgrades.

25 units or more.

Most are elderly/disabled-fewer people using utilities.

Most of the properties are subsidized.

Mostly 1 building properties vs scattered (systems).

Low Vacancy/Turnover.

Low Maintenance/Low operating costs.

Several voucher tenants in the non-subsidized properties allowing for increased rents.

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AHEAD-Characteristics of properties being fed by the organization

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AHEAD-Characteristics of properties being fed by the organization

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Higher operating costs.  Mostly older properties needing energy efficiency upgrades/system upgrades.

Inadequate Replacement Reserves.

Family Properties-(More people using the utilities)

LIHTC projects 50% AMI and stricter rent restrictions.

Scattered buildings-More systems to maintain.

In years past, management was not going after substantial rent increases despite inflation rates increasing significantly.

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Properties vary in number of units, age, and location but they are all in the Triangle (rapidly growing region; very strong markets). Asset Management team is working with vendors to create group contracts to minimize rises in costs over time.

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Bay River- 20-unit apartment building that is old and currently in process of restructuring debt, applying for Rental Preservation Loan Program for a mini-rehab; past management did not raise rent per organization's wishes.

MacGregor I- 48-unit apartment building that is old and currently in process of restructuring debt, applying for Rental Preservation Loan Program for a mini-rehab.

Lennox Chase- is a transitional housing apartment complex with very low rents- many vouchers; property cannot support increasing costs of operations