Lone Oak Apartments is a 396-unit class A buildings located in the up and coming Weatherford TX, it was newly constructed in 2020 with the last certificate of occupancy issued in December 2020. Lease-up activity is strong with physical occupancy of 92%. There were 27 leases recently signed in August 2021 for an average rate of $1.59 PSF and the total unit mix is currently renting for $1.39 PSF representing significant upside for future leases. In addition, we plan on implementing several value-add strategies to increase net operating income and the value of the property with an exit plan of selling in Year 3.
