NOMA Flats Q3 23 Report
Falcon Capital's Q3 2023 investor update for NOMA Flats reports occupancy at 86.32%, average monthly collections of $41,446, average monthly expenses of $22,732, and $13,132 in capex during the quarter. The report describes leasing headwinds (ongoing construction nearby reducing exposure), management improvements with new regional manager Megan Hahn, and operational actions (website revamp, advertising, staging, CoStar listing reactivation). Planned and completed repairs include soffit/roof work, rear gate motor replacement, and pending installation of individual water meters/shut-offs (estimated cost ~$26k; expected NOI uplift ~$10k/year). Material cost pressures include ~25% higher insurance and a potential tax bill increase to ~$120k (≈+$25k). The next investor distribution is stated as 1.25% (5% annualized) and investors are instructed to verify bank accounts via Plaid/Thread Bank.
Questions this document answers
86.32% occupied
$41,446
$22,732
$13,132
Insurance is up almost 25%