Avesta Communities | 5118 N 56th St. Tampa, FL 33610 Phone (813) 444-1561 | Fax (855) 283-7829
2014 Q2 Investment Report <<Account_Name>> <<Fund_Start>><<Fund_Name>>
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1 Returns and market value are based on acquisition projections for the first
12 months. Thereafter, assets are marked to market quarterly inaccordance with Avestaâ&#x20AC;&#x2122;s valuation policy.
[INVESTMENT] Performance Review Commentary The project is ahead of schedule and within budget. We have renovated 35 of the community's325 units, versus pro forma projection of 27, maintaining occupancy above 92% despite renovating over 10% of the units on the property, and currently stands at 93.5%. Rent rates are 4% ahead of projections for the month of April ($226,000 versus $217,000), and operating expenses are expected to remain in line with projections. Avesta has staffed Agave Falls with its strongest Community Manager in Austin, who previously co-managed an 850-unit Avesta property 3 miles from Agave Falls. All new leased units are achieving at or above stabilized pro forma rent projections and attracting a higher quality resident demographic. Capital expenditures are on schedule and within budget. Major exterior landscaping, dog park, and pool upgrades including new furniture are complete. We expect to finish the nature trail along the now-excavated creek running down the back of the property in the next 2 weeks. Leasing and business center experienced water damage from a pipe that broke on a Sunday evening when no staff were on site. This damage will add an additional $20k cost, which will be taken out of $100k reserves set aside for such contingencies or cost overruns.
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Property Name Location Units Acquisition Date Total Capitalization Fair Market Value Year Built
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