The first renewals are in, signed at the rents we underwrote
We closed The Aspen on August 28, so this is the first look at it under our ownership. The first renewals are in, leasing is marginally ahead of what we underwrote, and the fall turn schedule is where the work is.
Leased and occupied are two different measures, so here are both. As of October 7 the building is 95.56% leased, 43 of 45 units, against the 95% we underwrote. It is 93.33% occupied, 42 of 45, because one of those signed leases has not moved in yet and two units are being turned. One more signed lease puts it near 97.8%.
Three units renewed at exactly the rents we underwrote. All three are one-bedrooms, each signed at the market rent its floor plan carries in the model: $1,525 on the two renovated, $1,325 on the classic. That is $450 a month, $5,400 a year, on three signatures and no renovation spend.
Three other residents gave notice instead of renewing. That is the outcome we want on the units furthest below market, because a turn moves rent further than a renewal can. Four residents sit on month-to-month.
The one-bedrooms: what we captured, what is leftAll three renewals were one-bedrooms, so here are both one-bedroom plans, sixteen units. Each row starts at the rent that lease paid the day we took over. Navy is what we moved it. Pale is what is still sitting there. Each plan has its own underwritten rent, which is why there are two lines.
Across these sixteen units the building was collecting $2,460 a month less than the underwriting says they are worth. The three renewals took $450 of that, with no renovation dollars spent. The remaining $2,010 a month, $24,120 a year, sits in thirteen leases and does not move until they expire. One classic unit is already renting above its plan.
That is a value-add deal in month one: a small win and a long runway, and the only thing that turns one into the other is time and turns.
When we get to move rentThirty-eight of the forty-five leases come up in the next twelve months. A lease expiring is the only moment the rent on that unit can change, so that schedule is the business plan. June is the heaviest at seven, and a cluster like that is an opportunity if the units are ready and a problem if they are not.
What's next. Three units turn before the end of October, the first we control start to finish. What they sign at will tell us more about the renovation plan than anything else this year. The lender's repair items are scheduled for completion this fall, on the loan's timeline.
Rent and loss-to-lease figures sourced from our property manager, September 22, 2026. Leased and occupied figures updated October 7, 2026. Underwritten rents from our locked underwriting model.