Thursday, 05 September 2019 20:27

With our stated goal of reaching 10,000 units, activity is heavy. However, another prime opportunity has been identified and due diligence has come again at Rockstar!  We’ve been down to Alvin, Texas in order to look at our next potential acquisition and make our game plan for giving it the #Rockstarliving touch.  Most importantly, it’s our chance to make sure this property will be able to meet our expectations, as well as that of our investors.

The property, Steeplechase, is well located off Highway 35. Restaurants, retail locations, and Alvin Community College are all located within close proximity to the property. Moreover, we already own two performing properties in the surrounding area, giving us control over a significant portion of the market in Alvin (30%+). It will also allow us staff-share opportunities.

Operationally, the property is doing relatively well, with a few glaring issues we’re eager to begin work on once the deal is under our care. The property exteriors has received some recent updates, but the property could use more attractive curb appeal including better amenities highlighted by a more inviting pool space and laundry rooms plus desperately needed landscaping which will involve significant trees removal which is currently impacting the foundation. There’s a lot we like about this property, but we also have some work to do before it lives up to Rockstar's standards. Seeing the difference once a #RockstarRehab is complete is incredible. I can’t wait!

We also had our leasing team onsite to check the property’s numbers and ensure that everything is being reported properly. When due diligence rolls around, no stone can be left unturned. It's our duty to our investors and our team to make sure that the information we present when closing a deal is both accurate and thorough. This means truly trying to "think of everything," whether that means flood insurance, tree trimming, local competition, etc.

I'm proud of the job the Rockstar team has done throughout this due diligence process, and we’re all excited to see how things move forward with this next acquisition. 10,000 units isn't a goal we can reach without innovation and improvement to each property we acquire. You can bet we’re making strides every day towards updating our progress.