Post by
materialsgirl on Apr 19, 2022 3:43pm
Jackson Park in Long Island
This residential complex has over 1800 suites.
Vacancies dropped to about 50% during covid.
It will be filled close to capacity now so the NAV
of that property has likely ballooned
The new River Landing mixed use complex in Miami has
been a resounding success. During lease-up the
rents were increased 7 times. I never heard of such
increases ever before. This asset may also get a
whopping increase in NAV.
Happy days are here again
mat
Comment by
Mephistopheles3 on Apr 19, 2022 4:05pm
For Jackson Park, keep in mind that H&R already did a write up of that asset in Q4-21 in the amount of $107.2 million (note 4 in the FS), so we might not see anything on that one as it was pretty much fully occupied by year end. River Landing had no write up in 2021 when it was moved over to investment properties in Q2-21, so we can expect a write up here.
Comment by
CatchTheDip on Apr 19, 2022 5:55pm
Jackson Park will have its CAP rates compressed, and NAV increased. Read the Q4 Earnings Transcript. The fair value increase was only due to lease ups, not cap rate compression.