Professional Documents
Culture Documents
Balance Sheet
Books = Accrual
Jul 2008
ASSETS
Cash
Operating Cash (14,753.39)
Total Cash $(14,753.39)
OTHER ASSETS
Accounts Receivable 496.63
Prepaid Expenses 23,964.79
Tax Escrow 112,265.77
Cash in Bank-Wrk Cap Reserve 73,094.73
Capital / Repair Escrow 200,000.00
Total Other Assets 409,821.92
LIABILITIES
Accounts Payable - Trade 118,870.66
A/P - Creekstone Partners LLC 322,576.00
A/P - US Advisors 322,576.00
Other Accounts Payable 345,285.05
Accrued Taxes 211,319.29
Prepaid Rent 34,532.19
Security Deposits 44,618.00
Notes Payable 14,608.68
Total Liabilities 1,414,385.87
CAPITAL
Jan 2008 Feb 2008 Mar 2008 Apr 2008 May 2008 Jun 2008 Jul 2008 Aug 2008 Sep 2008 Oct 2008 Nov 2008 Dec 2008 12 Month $/ $/ Dec 2006 12 Month $/ $/
Account Actual Actual Actual Actual Actual Actual Actual Budget Budget Budget Budget Budget Total Unit Sq. Ft. Reforecast Total Unit Sq. Ft.
342 313,778 342 313,778
Revenue
Gross Potential Rent 297,252 295,197 294,829 294,994 296,658 296,653 297,075 297,075 304,686 304,342 304,117 303,954 3,586,832 10,487.81 11.43 364,160 4,569,562 13,361.29 14.56
- Vacancy (14,979) (13,515) (12,201) (15,566) (15,360) (16,776) (16,865) (15,865) (16,802) (19,995) (22,418) (23,078) (203,419) (594.79) (0.65) (43,000) (292,511) (855.29) (0.93)
- Concessions & Disc. (10,069) (8,145) (267) (7,022) (9,644) (9,354) (8,894) (8,894) (22,560) (23,621) (24,370) (24,994) (157,835) (461.50) (0.50) (80,000) (287,661) (841.11) (0.92)
- Other Write-offs & Adj. (14,603) (9,805) (5,576) (8,312) (6,419) (7,331) (5,735) (5,735) (6,663) (6,634) (6,614) (6,605) (90,033) (263.25) (0.29) (6,085) (109,600) (320.47) (0.35)
Total Rental Income 257,600 263,731 276,786 264,094 265,235 263,191 265,581 266,581 258,661 254,092 250,715 249,277 3,135,545 9,168.26 9.99 235,075 3,879,791 11,344.42 12.36
Other Income 27,835 34,204 26,056 32,784 34,945 32,874 37,758 27,500 23,739 22,628 24,013 20,220 344,556 1,007.47 1.10 19,000 408,798 1,195.31 1.30
Total Revenue 285,435 297,935 302,841 296,878 300,181 296,065 303,340 294,081 282,400 276,720 274,728 269,497 3,480,101 10,175.74 11.09 254,075 4,288,588 12,539.73 13.67
Operating Expenses
Salary Expense 30,826 28,089 25,841 26,731 21,154 25,364 41,885 31,434 30,692 29,929 30,554 30,059 352,557 1,030.87 1.12 37,759 451,961 1,321.52 1.44
Operating Expense 3,660 2,832 2,336 3,352 3,896 4,409 3,795 3,444 3,336 3,264 3,204 3,180 40,707 119.03 0.13 3,030 50,241 146.90 0.16
Advertising Expense 5,531 4,884 4,109 2,530 3,632 5,794 5,087 6,227 5,340 4,685 4,731 4,259 56,809 166.11 0.18 6,885 72,851 213.01 0.23
Make Ready Expense 3,627 3,404 4,423 7,268 4,005 6,515 6,646 6,819 6,289 5,961 5,102 4,850 64,908 189.79 0.21 7,500 82,550 241.37 0.26
Maintenance Expense 1,403 4,261 3,116 2,525 1,935 2,826 4,624 2,730 2,513 12,210 2,672 1,388 42,203 123.40 0.13 2,295 48,681 142.34 0.16
Service Expense 6,708 1,216 1,576 3,523 12,678 3,604 5,071 4,985 3,960 3,960 3,960 3,460 54,701 159.94 0.17 2,395 64,676 189.11 0.21
Administrative Expense 12,525 11,016 10,864 12,483 11,635 13,235 14,944 11,783 11,496 11,269 11,189 10,980 143,419 419.35 0.46 14,969 180,976 529.17 0.58
Utility Expense 4,914 13,395 17,315 1,952 12,928 7,131 16,813 16,130 16,228 16,240 11,437 11,491 145,974 426.82 0.47 10,900 180,229 526.99 0.57
Credit Card Fees 1,416 1,421 0 599 240 191 285 0 0 0 0 0 4,152 12.14 0.01
Taxes & Insurance 35,029 35,004 35,029 35,029 35,629 35,224 35,029 35,095 35,095 35,095 35,095 35,095 421,448 1,232.30 1.34 0 422,682 1,235.91 1.35
37,237 37,237 108.88 0.12
Total Operating Exp. 105,638 105,522 104,608 95,992 107,732 104,292 134,180 118,647 114,949 122,613 107,944 104,762 1,326,879 3,879.76 4.23
Net Operating Income 179,797 192,412 198,234 200,886 192,449 191,774 169,160 175,434 167,451 154,107 166,784 164,735 2,153,223 6,295.97 6.86 122,970 1,592,084 4,655.22 5.07
131,106 2,696,504 7,884.52 8.59
Rent Expense 193,253 193,253 193,253 193,253 193,253 216,819 216,819 216,819 216,819 216,819 216,819 216,819 2,483,999 7,263.16 7.92
Partnership Expense 4,719 4,539 4,626 4,787 4,740 4,508 4,200 4,450 4,450 4,450 4,450 4,450 54,368 158.97 0.17 193,254 256,681 750.53 0.82
Capital Expense 9,734 2,903 11,566 6,943 7,872 13,807 23,117 6,600 6,259 6,000 5,000 5,000 104,800 306.43 0.33 0 115,107 336.57 0.37
3,300 3,300 9.65 0.01
Cash Flow Frm Operations (27,909) (8,283) (11,211) (4,098) (13,416) (43,360) (74,976) (52,435) (60,077) (73,162) (59,485) (61,534) (489,945) (1,432.59) (1.56)
(65,449) 2,321,416 6,787.76 7.40
Rental Guarantees 0 0 0 0 0 0 0 0 0 0 0 0 0
250,000 250,000
Balance Sheet Adjustments
Cash - Non Operating Accounts 0 0 0 0 0 0 0 0 0 0 0 0 0
Accounts Receivable (1,895) 2,740 (9,772) 8,270 (2,448) 177 2,774 0 0 0 0 0 (154) 0 (154)
Prepaid Assets (50,394) 4,840 4,840 4,840 4,840 4,840 4,840 0 0 0 0 0 (21,352) 0 (21,352)
Escrow Deposits (35,800) (35,800) (35,800) 341,933 (37,985) (38,933) (38,933) (7,125) (7,125) 14,250 (7,125) (7,125) 104,430 0 90,180
(2,951) (2,951)
Cash Increase (Decreae) From Assets (88,090) (28,220) (40,732) 355,044 (35,592) (33,916) (31,319) (7,125) (7,125) 14,250 (7,125) (7,125) 82,925
(2,951) 65,724
Accounts Payable (22,965) 2,827 942 207 69,651 22,994 45,880 0 0 0 0 0 119,536
Accrued Expenses 20,453 31,811 51,607 (345,380) 44,376 16,001 30,188 0 0 0 0 0 (150,942) 0 (150,942)
Other Payables 920 2,385 345 1,665 (1,490) (150) 2,436 0 0 0 0 0 6,111 0 6,111
Mortgages Payable 48,905 (6,027) (5,836) (6,064) (6,293) (6,064) (6,064) 0 0 0 0 0 12,556 0 12,556
0 0
Cash Increase (Decrease) From Liab. 47,313 30,997 47,058 (349,572) 106,245 32,780 72,440 0 0 0 0 0 (12,739)
0 (132,275)
NET CASH FLOW (68,685) (5,507) (4,886) 1,374 57,237 (44,496) (33,854) (59,560) (67,202) (58,912) (66,610) (68,659) (419,759)
CUMM. NET CASH FLOW 15,378 9,871 4,986 6,360 63,597 19,101 (14,753) (74,313) (141,515) (200,427) (267,037) (335,696) 181,601 2,504,864
181,601
84063.14
$700,000
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$-
$(100,000)
$(200,000)
$(300,000)
Jan 2008 Feb 2008 Mar 2008 Apr 2008 May 2008 Jun 2008 Jul 2008 Aug 2008 Sep 2008 Oct 2008 Nov 2008 Dec 2008
Row 60 Row 61
Units
Sq. Ft.
### 384807
C35: rssmith:
Stated Rent = $86,667
D35: rssmith:
Stated Rent = $86,667
W48: administrator:
replacement reserve + reduction in tax escrow due to overage
USA Courtney Downs LeaseCo, LLC
Budget Comparison
Books = Accrual
For the period ending July 31, 2008
Expense
Managers Salary 17,054.11 13,069.00 (3,985.11) We had three payroll in July. 81,279.04 89,203.00 7,923.96 154,548.00
Salaries 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Maintenance Salary 16,394.39 11,745.00 (4,649.39) We had three payroll in July. 82,767.42 80,163.00 (2,604.42) 138,888.00
Salary - Administrative 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Commissions & Bonus 8,032.50 4,900.00 (3,132.50) We had double commissions paid out 30,290.13 28,635.00 (1,655.13) 46,633.00
on some of our move-ins from our
promotions in June. Includes new
leases and renewals. We had 30
move ins this month.
Payroll Taxes 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Group Insurance 270.33 1,720.00 1,449.67 We have less participants for our 3,912.06 12,040.00 8,127.94 20,640.00
insurance program than what was
anticipated in the budget.
Disability Insurance 0.00 0.00 0.00 0.00 0.00 0.00 0.00
401k Match 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Contract Labor 133.76 0.00 (133.76) 1,640.79 3,000.00 1,359.21 5,000.00
Workers Comp 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Salary Expense 41,885.09 31,434.00 (10,451.09) 199,889.44 213,041.00 13,151.56 365,709.00
Office Operations & Supplies 758.66 850.00 91.34 4,202.25 5,950.00 1,747.75 10,200.00
Telephones 781.26 743.00 (38.26) 6,256.52 5,201.00 (1,055.52) 8,916.00
Answering Svc. & Pagers 257.00 98.00 (159.00) June & July ansering service paid out 942.98 686.00 (256.98) 1,176.00
this month.
Postage & Delivery 250.34 211.00 (39.34) 1,370.40 1,477.00 106.60 2,532.00
Patrol Services 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Membership Dues 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Publications & Subscriptions 175.00 114.00 (61.00) 1,673.08 798.00 (875.08) 1,368.00
Conventions/Seminars 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Employee Training 199.82 350.00 150.18 1,971.50 2,400.00 428.50 4,150.00
Furniture Rental 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Car Expenses 0.00 38.00 38.00 0.00 266.00 266.00 456.00
Permits & Fees 0.00 0.00 0.00 16.00 0.00 (16.00) 0.00
Credit Checks 835.40 540.00 (295.40) We processed 16 credit checks only 4,025.95 2,940.00 (1,085.95) 4,848.00
budgeted 10.
Guest Suite Expense 537.40 600.00 62.60 3,820.74 3,950.00 129.26 6,450.00
Parking Cost 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expense 3,794.88 3,544.00 (250.88) 24,279.42 23,668.00 (611.42) 40,096.00
Advertising & Promotions 3,053.00 3,500.00 447.00 Savings due to dropping of Apartment 13,407.54 28,500.00 15,092.46 44,000.00
Guide subscription.
Resident Promotions 152.30 500.00 347.70 1,271.22 3,200.00 1,928.78 5,400.00
Locators 1,381.71 1,827.00 445.29 Five locator fees budgeted and actual 15,638.53 10,528.00 (5,110.53) 16,070.00
spent was four.
Resident Referrals 500.00 500.00 0.00 1,250.00 3,500.00 2,250.00 5,500.00
Total Advertising Expense 5,087.01 6,327.00 1,239.99 31,567.29 45,728.00 14,160.71 70,970.00
Paint & Drywall 425.39 540.00 114.61 2,262.92 2,421.00 158.08 4,217.00
Contract Cleaning Svcs. 3,845.00 2,859.00 (986.00) Overage due to many turns this 19,915.00 20,013.00 98.00 34,308.00
month.We had 30 move ins.
Favoarble YTD
Carpet Cleaning & Repairs 1,103.00 2,490.00 1,387.00 Had more carpet replacements this 7,889.00 11,166.00 3,277.00 19,446.00
month than cleans.
Window Coverings 832.42 270.00 (562.42) WE made ready over 30 units this 2,636.76 1,890.00 (746.76) 3,240.00
month.
Vinyl & Tile Repairs 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Lock & Keys 26.87 85.00 58.13 261.96 595.00 333.04 1,020.00
Counter & Tub Resurfacing 0.00 417.00 417.00 No repairs needed at this time. 1,586.00 2,919.00 1,333.00 5,004.00
Other Redecorating 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cleaning Supplies 413.53 158.00 (255.53) Reflects supplies needed to clean 30 1,335.57 1,106.00 (229.57) 1,896.00
plus units this month plus common
areas. WE also use some supplies in
move in gifts for new residents.
Total Make Ready Expense 6,646.21 6,819.00 172.79 35,887.21 40,110.00 4,222.79 69,131.00
General Maintenance & Supplies 1,331.54 900.00 (431.54) More supplies needed due to many 4,632.75 5,528.00 895.25 8,611.00
turns this month. Includes purchase of
supplies for make ready and work
orders. Also replaced two flags.
HVAC Parts & Repairs 54.23 350.00 295.77 Fewer repairs needed this month. 578.39 1,550.00 971.61 2,300.00
Plumbing Parts & Repairs 206.96 120.00 (86.96) 1,241.48 840.00 (401.48) 1,440.00
Electric Parts & Repairs 0.00 50.00 50.00 652.35 340.00 (312.35) 540.00
Roof & Gutter Repairs 0.00 0.00 0.00 0.00 3,000.00 3,000.00 3,000.00
Pools & Fountains 957.57 600.00 (357.57) Extra chlorine needed for the pool this 2,200.68 2,700.00 499.32 4,200.00
month and three filters needed for the
pool.
Gates & Entrances 0.00 20.00 20.00 0.00 110.00 110.00 150.00
Glass & Screens 0.00 260.00 260.00 None needing repair at this time. 611.03 1,040.00 428.97 1,820.00
Appliance Parts & Repairs 744.24 300.00 (444.24) More supplies needed due to many 3,879.69 2,100.00 (1,779.69) 3,600.00
turns this month. Includes purchase of
drip pans, mocrowave parts and other
parts for make ready units and work
orders.
Hardware 110.99 120.00 9.01 569.25 840.00 270.75 1,400.00
Exterior Painting 0.00 0.00 0.00 0.00 255.00 255.00 355.00
Uniforms 730.84 0.00 (730.84) New shirts ordered for the 763.16 300.00 (463.16) 600.00
maintenance guys this month.
Elevator Service & Repairs 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Security & Fire Systems 487.50 200.00 (287.50) Service call on office connections 5,561.14 2,455.00 (3,106.14) 14,555.00
needing repair.
Uninsured Losses 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Locks & Keys 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Bulbs & Ballasts 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Maintenance Expense 4,623.87 2,920.00 (1,703.87) 20,689.92 21,058.00 368.08 42,571.00
Landscape & Grounds 3,235.32 3,000.00 (235.32) Overage due to replaced sod in the pet 20,327.81 20,581.00 253.19 29,581.00
kill areas.
Trash Removal 829.87 755.00 (74.87) 5,120.37 5,285.00 164.63 9,060.00
Pest Control 1,006.00 305.00 (701.00) Removal of bee hives from building 12 1,648.75 1,635.00 (13.75) 2,760.00
and 13.
Security Patrols 0.00 925.00 925.00 None needed at this time. 0.00 1,850.00 1,850.00 2,775.00
Window Cleaning Svc. 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Interior Cleaning Svc. 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cable Television 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Snow Removal 0.00 0.00 0.00 7,278.72 14,000.00 6,721.28 19,500.00
Total Service Expense 5,071.19 4,985.00 (86.19) 34,375.65 43,351.00 8,975.35 63,676.00
Expenses - CAM - Electric 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Expenses - CAM - Water/Sewer 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Expenses - CAM - Gas 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Expenses - CAM - Grounds 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Expenses - CAM - Trash Removal 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Expenses - CAM - Cleaning Svcs 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Expenses - CAM - Maintenance 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Expenses - CAM - Insurance 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Expenses - CAM - R/E Taxes 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total CAM Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Management Fees 12,133.58 11,558.00 (575.58) Based on % of collections. 83,238.25 79,119.00 (4,119.25) 134,836.00
No Name 0.00 0.00 0.00 0.00 0.00 0.00 0.00
No Name 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Legal Fees 608.49 200.00 (408.49) Two evictions fees budgeted for and 255.45 1,800.00 1,544.55 2,800.00
actual filed was Four.
Accounting Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Postage & Delivery 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Bank Charges 0.00 0.00 0.00 952.36 0.00 (952.36) 0.00
Partnership Insurance 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other Administrative Expenses 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Travel Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Employee Activities 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Printing 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Computer Consulting 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Computer Expense 2,202.01 3,060.00 857.99 Yardi 2008-2009 licensing fee. 2,255.61 3,060.00 804.39 3,060.00
Bank Charges 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Development Cost 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Admin. Expense 14,944.08 14,818.00 (126.08) 86,701.67 83,979.00 (2,722.67) 140,696.00
Electricity 3,031.00 3,500.00 469.00 Less usage on common areas and 22,292.76 23,750.00 1,457.24 40,500.00
bldg services.
Electricity Gas - Resident 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Natural Gas 1,681.68 1,967.00 285.32 Less usage. 15,783.67 13,769.00 (2,014.67) 23,604.00
Water & Sewer 17,770.67 20,000.00 2,229.33 Reflects current usage, budget 122,286.73 140,000.00 17,713.27 240,000.00
anticipated a higher rate increase and
additional fees implemented from
Arapahoe county.
Water & Sewer - Resident Reimb (11,088.94) (13,600.00) (2,511.06) Collected @ 62%. We converted (89,961.94) (95,200.00) (5,238.06) (163,200.00)
billing to collect water at the property.
Hoping this will increase. Also
includes credits from AUIM for prior
payments, also adjustments to some
accounts for over charging.
Water - irrigation 6,140.50 5,800.00 (340.50) Based on current usage. YTD is 10,055.07 22,400.00 12,344.93 37,400.00
favorable.
Electric - Tenant Reimbursement 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Trash Reimbursement (2,256.15) (2,012.00) 244.15 (15,350.96) (15,636.00) (285.04) (25,696.00)
Water - Tenant Reimbursement 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Utility -Vacant Electric 1,206.08 797.00 (409.08) Occupancy was one percent less than 6,152.86 7,107.00 954.14 12,108.00
budget and move-ins came late in the
month.
Utility - Vacant Gas 328.48 478.00 149.52 3,189.55 4,837.00 1,647.45 7,837.00
Tenant Reimbursement - Gas 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Utility Expense 16,813.32 16,930.00 116.68 74,447.74 101,027.00 26,579.26 172,553.00
Base Rent - Interest Payment 106,474.53 130,152.00 23,677.47 745,994.55 769,673.67 23,679.12 1,420,433.67
Base Rent - Principal Payment 23,677.47 0.00 (23,677.47) 47,242.80 23,565.33 (23,677.47) 23,565.33
Stated Rent 86,666.71 86,667.00 0.29 606,666.97 606,669.00 2.03 1,040,004.00
Office Rent 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Rent Expense 216,818.71 216,819.00 0.29 1,399,904.32 1,399,908.00 3.68 2,484,003.00
Partnership Legal Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Partnership Accounting Fees 0.00 0.00 0.00 540.00 365.00 (175.00) 365.00
Partnership Travel 0.00 200.00 200.00 No expense at this time. 1,898.47 1,400.00 (498.47) 2,400.00
Partnership - Meals 0.00 0.00 0.00 279.81 0.00 (279.81) 0.00
Partnership Fees - Other 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Partnership Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Due Diligence Cost 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dead Deal Cost 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Asset Management Fees 0.00 1,000.00 1,000.00 No expense at this time. 4,000.00 7,000.00 3,000.00 12,000.00
Investor Administration Fee 4,200.00 3,250.00 (950.00) Investor reporting fee for the month. 25,400.00 22,750.00 (2,650.00) 39,000.00
Partnership Exp- Leaseup Costs 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Partnership Expense 4,200.00 4,450.00 250.00 32,118.28 31,515.00 (603.28) 53,765.00
Exterior Rehab 2,543.08 10,125.00 7,581.92 Sweeping and restripping of the 5,395.10 16,846.00 11,450.90 16,846.00
parking lot.
Interior Rehab 0.00 0.00 0.00 1,021.68 0.00 (1,021.68) 0.00
HVAC Replacement 0.00 600.00 600.00 No expense at this time. 540.47 1,200.00 659.53 1,800.00
Carpet & Floor Replacement 14,854.93 6,000.00 (8,854.93) 14 actual carpets replaced (all were 49,196.53 38,000.00 (11,196.53) 66,000.00
original carpets), six were budgeted
for.
Refrigerators 471.71 760.00 288.29 One fridge needed replacement in 1,123.12 1,450.00 326.88 1,450.00
10205.
Dishwashers & Ranges 225.00 319.00 94.00 710.32 1,475.00 764.68 1,734.00
Washers / Dryers 0.00 0.00 0.00 890.25 1,017.00 126.75 1,017.00
Fire Alarm Replacement 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other Capital Improvements 5,021.89 0.00 (5,021.89) Pool chair slings and backs replaced. 17,063.98 11,899.00 (5,164.98) 11,899.00
Boiler Replacement 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Roof Replacement 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Capital Expenses 23,116.61 17,804.00 (5,312.61) 75,941.45 71,887.00 (4,054.45) 100,746.00
4,814,676.00
0.00
0.00
(293,258.16)
(22,423.42)
0.00
0.00
(40,175.50)
(30,420.00)
0.00
(31,367.37)
0.00
(14,860.00)
(190,336.23)
0.00
0.00
0.00
0.00
4,191,835.32
1.00
0.00
0.00
0.00
32,310.15
16,652.67
16,458.57
0.00
30,030.00
31,708.23
15,168.58
0.00
3,489.00
57,893.49
0.00
0.00
0.00
0.00
109,198.51
0.00
13,818.95
0.00
0.00
4,100.00
0.00
0.00
0.00
55,490.00
58,339.70
9,715.74
0.00
6,726.66
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
461,100.25
1.00
4,652,935.57
1.00
1.00
200,605.15
0.00
191,069.81
0.00
71,857.63
0.00
17,942.39
0.00
0.00
4,774.55
0.00
486,249.53
1.00
11,760.91
12,981.78
1,983.98
3,308.74
0.00
0.00
2,760.08
0.00
4,921.32
0.00
304.00
16.00
8,341.35
8,908.14
0.00
55,286.30
1.00
48,460.54
5,123.52
29,375.24
5,750.00
88,709.30
1.00
5,649.31
46,632.00
22,648.00
5,629.18
0.00
968.83
4,922.00
0.00
3,013.10
89,462.42
1.00
12,392.29
2,532.62
2,408.44
1,042.35
3,000.00
6,458.25
130.00
1,911.03
7,023.93
1,640.24
255.00
1,794.00
0.00
8,703.64
0.00
0.00
0.00
49,291.79
1.00
47,144.13
11,990.24
4,594.75
2,775.00
0.00
0.00
0.00
21,278.72
87,782.84
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
186,048.83
0.00
0.00
2,863.94
0.00
0.00
952.36
0.00
0.00
0.00
0.00
0.00
0.00
10,577.62
0.00
0.00
200,442.75
1.00
52,573.76
0.00
33,201.35
300,057.40
(209,850.88)
44,395.57
0.00
(35,255.11)
0.00
15,262.94
18,467.00
0.00
209,218.06
1.00
0.00
0.00
1,896.50
2,540.82
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
4,437.32
1.00
483,011.76
0.00
77,694.46
1,056.00
0.00
561,762.22
1,832,642.53
2,820,293.04
1.00
1,752,294.75
94,485.60
1,386,669.68
0.00
3,233,450.03
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
905.00
3,498.47
279.81
0.00
0.00
0.00
0.00
12,000.00
55,600.00
0.00
72,283.28
1.00
34,909.18
1,021.68
2,340.47
108,051.46
3,804.83
2,729.32
1,907.25
0.00
33,984.87
0.00
0.00
188,749.06
1.00
0.00
0.00
0.00
(674,189.33)
1.00
0.00
0.00
Courtney Downs Apartments
July 08
LEASING & OCCUPANCY
CURRENT STAFF:
Apartment Name Courtney Downs Coyote Ranch Windsor @ Meridian Pinnacle @ the Creek Dove Valley Cherrywood Village Reserve @ South Creek
Address 15849 E. Jamison Dr16363 E Freemont Ave 9875 Jefferson Pkwy 6107 S Parker Rd 7550 S Blackhawk 16950 E Carlson Dr 15611 E Jamison Dr
Phone 720-870-6114 303-693-8787 303-256-7700 303-766-2500 303-362-2000 303-805-7200 303-680-6696
Location Englewood, Co Aurora, Co Englewood, Co 80112 Centennial, Co Englewood, Co 80112 Parker, Co 80134 Englewood, Co 80112
# of units 342 507 653 216 312 360 168
Age of Property 5 5 7 4 6 6 6
Application Fee $50.00 $35.00 $40.00 $35.00 $45.00 $35.00 $50.00
Credit Card yes yes yes no yes no yes
Pets Allowed yes yes yes yes yes yes yes
Pet Deposit 300 n/r 300-600 150-300 $100 300-500 $400-500 300
Sec. Deposit 150 275-325 300 $100 $199.00 $200-300 100
W/D included Yes yes Only In Select Units Only Select Units no yes no
Covered Parking no yes yes yes no no no
Garage Detached yes yes yes yes yes yes
Cable Yes yes yes yes yes yes yes
Tennis Courts no no no no yes yes yes
# of pools 1 1 1 1 1 2 1
Weight Room yes yes yes yes yes yes yes
Jacuzzi yes 1 1 1 1 2 1
Ceiling Fans yes yes yes yes yes yes yes
Microwaves yes yes yes yes yes yes yes
Mini Blinds yes yes yes yes yes yes yes
FF Freezer yes yes yes yes yes yes yes
Icemakers yes yes yes yes yes yes yes
Fireplaces yes no yes yes yes yes yes
Access Gates no yes yes no yes yes yes
Alarm in Unit Prewired no yes yes yes no yes
Door to Door no no no no no no no
Aerobics/Kick Box no no no no no no no
Movie Room no yes yes yes yes yes yes
Computer Library yes yes yes yes yes yes yes
Indoor Basketball no no no no no no no
Water Charge yes no yes yes yes yes yes
Courtney Downs
RENTAL SCHEDULE
July 08
TOTAL 342 917 313,778 $870 $0.95 $297,620 $3,571,440 $870 0.95 $297,620 16 12 44 8 40
* Net of Concessions
MARKET SURVEY
Courtney Downs
July-08
(Concessions reduced rates)
PROPERTY: Courtney Downs Apt Coyote Ranch Windsor at Meridian Pinnacle @ the Creek Dove Valley Cherrywood Village Reserve@South Creek
PRICE SIZE PSF PRICE SIZE PSF PRICE SIZE PSF PRICE SIZE PSF PRICE SIZE PSF PRICE SIZE PSF PRICE SIZE PSF
Efficiency
Efficiency
1B1B (A) 755 704 1.07 785 779 1.01 759 627 1.21 745 685 1.09 705 768 0.92 720 707 1.02 705 763 0.92
1B1B (B) 870 808 1.08 805 853 0.94 829 701 1.18 750 705 1.02 728 842 0.86 750 796 0.94 725 763 1.05
1B1B w/study 770 910 0.85 899 811 0.91 810 760 1.03 815 992 0.82 805 916 0.88
1B
1B
1B w/loft
1B1B w/study 899 956 0.94 1005 1051 0.96
2B2B (E) 895 977 0.92 940 1105 0.85 909 1044 0.87 1015 1120 0.91 889 1115 0.80 900 1033 0.87 840 1037 0.81
2B2B (F) 905 1030 0.88 980 1192 0.82 1080 1196 0.90 999 1220 0.82 935 1093 0.86 885 1037 1.23
2B2B (G) 935 1030 0.91 1099 1180 0.93
2B2B (H)
2B2B
2B w/study
2B2B TH
2B2B TH
3B2B 1,195 1140 1.05 1190 1398 0.85 1119 1330 0.84 1185 1230 0.96 1190 1356 0.88 1095 1235 0.89 1100 1257 0.88
3B2B 1255 1398 0.91 1095 1235 1.04 1195 1257 1.10
% occ /leased 95% 98.86% 93% 97% 0 0% 94% 98.10% 95.0% 93% 93.0% 96% 93.2% 97%
Avg PSF 1 0.96 0.90 0.97 0.99 0.85 0.93 1.00
Avg Rents 904 1114 994 808 888 1131 995
/ Avail)
Units(Total 342 40 507 28 653 216 18 312 37 360 17 0 168 14
Ren.: 15% increase on all Ren: Info not avail per Ren: $35 to $80 increas Ren: Average $25 to $75 Ren: Free carpet cleaning
Ren: $35 to $75 increase. renewals. corporate Ren:Per corporate for 12 month lease increase. with 12mo.