NOMA Flats Q2 23 Update
Quarterly investor update for NOMA Flats (Q2 2023) from Team Falcon Capital. Key Q2 metrics: occupancy 94.2%, average monthly collections $40,987, average monthly expenses $25,590. Recent capex includes pool renovations and a fully renovated flooded unit; itemized capex in March and April totals include several unit repairs and an HVAC replacement. Operations notes: landscaping brought in-house saving ~$500/month, rear gate repair, investigation into water/sewer costs, and a planned project to install separate water shut-offs and individual meters (cost ~ $26k, projected NOI uplift ~$10k/year, ~ $166k value at 6% cap). Financing: interest-only loan period ends end of June; distributions: next distribution 1.25% (5% annualized) with a target to return to 6% later. Contact: Falcon Capital (Atlanta/Alpharetta) and Richard@falconcapre.com.
Questions this document answers
94.2% occupied
$40,987
$25,590
Approximately $26,000
About $10,000 per year