Sunbelt Fund I Updates > Revenue and Collections Update
Stable Revenue Growth Despite the Pandemic
Revenues at our Sunbelt properties have continued to grow despite the COVID-19 pandemic. We attribute this continued growth to:
- Our strategy of investing away from the coast in cities with low hospitality and food and beverage employment;
- Generous federal government stimulus and unemployment packages relative to the Southeastern cost of living and our affordable average rents;
- Southeastern states relatively strong economies prior to the crisis, and comparatively brief and limited lockdowns;
- Lease-up to near stabilized levels at value-add properties such as College Park and Amelia West;
- Occupancy to near 100% leased at stabilized properties like Heather Ridge and Sycamore Apartments;
- Higher market rents on freshly renovated units at Heather Ridge and Huntingdon Apartments; and
- Organic rent increases as leases roll off at Holiday Cove, College Park, and Amelia Apartments.
Consistent Collection Through the Pandemic Thus Far
Collections and the timing of payments have improved (after a one-time brief delay in early April) through the pandemic thus far. We could still see a decline in resident payments as residents run out of stimulus money this Fall, but we continue to work with residents to make sure they know how to access government resources and to prioritize rent payment.
