Read the excerpts from the latest update to investors from the management team about the acquisition of Hidden Cove and the commencement of Sarmaya's Community Betterment Program!
August 15, 2020
Sarmaya Capital Corp. is pleased to announce that we have fulfilled our goal of acquiring Hidden Cove, removing the encumbrances on the property and begun our capital improvement and Community Betterment strategy. We are excited to have begun the work of turning around this unique asset, providing robust, long lasting returns for our investors and implementing our Community Betterment plan in the process, despite the many delays caused by the Covid-19 pandemic.
With respect to the commencement of construction and rehabilitation work, we are pleased to announce that the contractor submitted his first material draw on 05 August and construction began on 11 August. The timeline for the next ninety days will encompass the following upgrades, enhancements, construction and improvements:
- Sarmaya Signage and Rebranding
- Security Upgrades
- Gate installs
- Security Lighting & Cameras
- Repairing (rebuilding where necessary) and opening of the pool, playground, mailboxes, dog park, gazebo and grilling stations
- Deferred Maintenance and repairs commencing on on-line units
- Interior Packages (including all MEPS repairs)
- Power Wash Exteriors
- Exterior building drainage
The effect of the above will be to begin to improve the value of the asset, increase occupancy and rents as well as begin to improve the lives of the community of people living in these buildings. Moreover, with the plan to expedite our rehabilitation efforts, we expect to stay on track with our pro-forma projections, as of the beginning of construction.
In addition to the construction and rehabilitation program, which will significantly enhance collections, revenues and day to day life at the property, we are implementing many organizational changes to enhance efficiencies across the board. We are proud to announce that we have partnered with Pinnacle Property Management to assist in running the property and bringing occupancy above 90% during and after completion of our rehabilitation and Community Betterment programs. Established in 1980, Pinnacle is the third leading service provider on the NMHC Top 50 list with a portfolio of 169,000 multifamily units and 4,500 employees. In Atlanta alone, Pinnacle manages 47 properties totalling over 13,000 units. Operational teams collaborate with regional and national support to create strategic high-level business plans for clients and they execute those plans by utilizing innovative systems and processes. We believe Pinnacle to be a valuable strategic partner in achieving and maintaining our vison for our investors and tenants alike.