1010 S Windsor
Acq. Date: March 2024 • Location: Salt Lake City, UT (9th & 9th) • Size: 4 Units, 3,744 SF
Investment Summary: In March 2024, Jupiter Park Group completed the acquisition of 1010 Windsor, located in the highly desirable Ninth and Ninth neighborhood of Salt Lake City. The property comprises four units, each featuring two bedrooms and one bathroom.
1010 Windsor is situated in the vibrant and eclectic Ninth and Ninth neighborhood, known for its walkability, unique local shops, diverse dining options, and a strong sense of community. The neighborhood’s charm and amenities make it a sought-after location for residents who appreciate the convenience of urban living combined with a distinct neighborhood feel.
The property was acquired from an absentee owner who had allowed rents to fall below market rates and deferred essential maintenance. Recognizing the potential of this well-located asset, our team is currently executing a comprehensive exterior renovation plan. This includes installing a new roof, replacing unkempt landscaping with native plant xeriscaping, and refinishing or replacing exterior features such as balconies and fencing.
In addition to the exterior improvements, we are actively working with our residents to enhance the interiors of their units. These upgrades aim to modernize the living spaces and align in-place rents with current market rates.
303 Sheila Lane
Acq. Date: April 2022 • Location: Santa Maria, CA • Size: 4 Units, 3,685 SF
Investment Summary: In April 2022, Jupiter Park Group completed the acquisition of 303 Sheila Lane, located in Santa Maria, CA. The property is comprised of four units, each featuring two bedrooms and one and a half bathrooms.
Santa Maria is a robust agricultural hub, and this property provides attainable rental housing to members of the local workforce. Recognizing the potential to enhance the resident experience and improve the property’s performance, JPG undertook significant improvements upon acquisition.
The property suffered from substantial deferred maintenance, and many units maintained original finishes. Since acquisition, Jupiter Park Group has executed a comprehensive improvement plan, including new landscaping, exterior paint, fencing, and a new roof. These enhancements have significantly elevated the resident experience and the overall appeal of the property.
The acquisition strategy identified that in-place rents were approximately 60% of the market rate. Strategic investments in the property have resulted in a 67% increase in rents. JPG now plans to hold the property and maintain it in a best-in-class manner, ensuring reliable cash flow for investors and providing a quality living environment for residents.
