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Updated about 11 years ago on . Most recent reply
Expectations for Lease-Up
I'm considering the purchase of an underperforming 140 unit apartment complex. 50 units are currently occupied, 90 units need some form of make-ready (consisting of minor repairs to complete rehab). I have calculated the repair expense of the down units but what is a realistic expectation for the lease up of these additional units?
Assumptions: normal rental demand, asking market rents, similar properties are operating at 75-90% occupied