First stop on a very sunny and hot (42°C) Saturday were the Silverado Apartments in Albuquerque, New Mexico to view the completed renovations. Since purchase of the Silverado, January 2015, the common area renovations have been completed and over 30 of the units upgraded. The signage from the street is modern and inviting to new prospects. On our walk around, it was good to see the pool being used by families, and tenants in the gym that replaced the old dated hot tub area. This remains a strong growth opportunity with cash flowing quarterly distributions.
The grounds are well maintained and there is a vibrancy and community atmosphere that wasn’t apparent before. Tenants are obviously appreciative of the newly renovated pool area, and furniture. Within the units the kitchen upgrades with black appliances and new cabinets have made a big difference.