Expectations for Lease-Up

[Lane Beene]

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