Q4 Update: Oasis at Clearwater, Tampa Florida

Skytian is proud to report continued stellar performance of this asset, thanks to both strong macro factors (buying the right asset, right location at right price) and value add (great execution of business plan!):

• • On February 2021, acquired two adjacent apt communities, merged them for scale, rebranded “Oasis at Clearwater” and executing value-add business plan
  • As of October, paid 3rd distribution with 4th scheduled for March 2022 (10%+ annualized)
  • As of December, renewed 70% leases averaging 27% rent increases vs 15% budget utilizing only 70% of capex budget
  • Targeting (100%) cash-out refinance by April 2022

With our partners Red Knight, Skytian Capital acquired Oasis at Clearwater in the fastest rent-growth market in the nation, Tampa, in February 2021.  Thanks to the team’s great work, we are proud to report following:

Rent roll update: raised/renewed 53 of 76 leases  (~70%) averaging 27% rental rate increase in year 1 from the initial 15% underwritten in year 2

• • Collections/occupancy: 91% in December with all prior months 90%-93%
  • Renovations to date: only ~70% of budget to date (~$260,000 out of $370,000).
  • 4th distribution: targeting next cashflow distribution to be March, 2022, from the final closing date of February 19th, 2021
  • Refi and/or sale: evaluating a potential refinance and/or sale of the asset.  Any liquidity event will be post April when debt prepayment penalty lowers to 1% (from 3% now).

Below are more details by asset:

Projections vs. Actuals: Hudson: The average new rents for both new leases & renewals we are targeting and starting to achieve are as follows:

Studio $849 Year 2 Initial Pro-forma was $700
1bd $949       Year 2 Initial Pro-forma was $795
2bd $1,150    Year 2 Initial Pro-forma was $1,025
3bd $1,350    Year 2 Initial Pro Forma was $1,075

Projections vs. Actuals: Laurel: The average new rents for both new leases & renewals we are targeting and starting to achieve are as follows:

1bd $995       Year 2 Initial Pro-forma was $975
2bd $1,200    Year 2 Initial Pro-forma was $1,150
3bd $1,375    Year 2 Initial Pro Forma was $1,250

Thank you for your support!