Significant Mark-to-Market Potential

While the Mezza’s significant enhancements have placed it on par with the newer construction assets in its immediate submarket, the Property’s rents are still below those being achieved at its competitive set, creating a prime opportunity for a new owner to push rents 10% while still being at a discount to the comps.

Recently Transformed, High-Quality Asset

Current ownership recently completed a significant capital investment to unit interiors and amenities that has positioned the asset as best-in-class within its competitive set. Specifically, unit upgrades included the addition of granite countertops in kitchens, USB charging stations, stainless-steel appliances, re-faced kitchen and bathroom cabinets, and new plumbing and light fixtures. In addition, the Property’s common areas underwent a major overhaul with a completely reimagined clubhouse, a state-of-the-art fitness center with brand new equipment, and a resort-style pool area complete with new furniture, grill areas, and a fire pit.

Interior Value-Add Opportunity

The Property’s recent improvements created modernized living spaces with high-quality interior finishes. The opportunity still exists for a new owner to further enhance unit interiors with vinyl plank flooring in the living areas of the second- and third-floor units, granite or quartz countertops in the bathrooms, smart locks and thermostats, and crown molding. Carrying out these renovations will allow a new owner to further distinguish the Property from its competitive set and drive additional rent premiums.