We achieved our first full proforma rent for our project here in Tennessee. After a surfaces rehab and replacing some tired decks we went from $675 to $850.
We’re in area right between the local University and the Medical district. We did not examine the psychographics to the extent that Bryan does, but we saw the opportunity to focus on the upwardly mobile, higher median medical workers rather than the students who inevitably will leave after a year.
It’s certainly nice to have some proof of concept.