Q4 2020 Newsletter
LETTER FROM JAY
I hope you are off to a happy and healthy start to the New Year! Despite the challenges we have all faced due to the pandemic, JVM had a very strong year. With the arrival of the COVID vaccine, I hope we can all expect life to normalize a bit throughout 2021. Regardless, with historically low interest rates and solid demand for apartments, JVM’s acquisition team is actively scouting for apartment opportunities in our Midwestern markets.
Throughout 2020, JVM’s management team had to reevaluate and modify the way we manage and lease our properties, taking into consideration all restrictions put in place by the various states and local municipalities in which we operate to protect the well-being of our residents and associates. That hard work paid off. We have had a very limited number of mild COVID cases at the properties, and the financial performance of JVM’s portfolio has remained sufficiently strong to continue making monthly investor payments. It has been very gratifying to see the proven JVM strategy once again be validated.
We believe the outlook for multifamily is strong for 2021. This is particularly true in the Midwest where some of our key target markets are starting out the year with firm footing, having experienced no rent reduction last year. Demand for less densely populated areas along with the need for more space for those residents working from home is expected to continue, drawing people to lower-cost-of-living areas to meet their changing lifestyle needs. We believe these factors, paired with the limited development projected for Midwest markets in 2021, will strengthen occupancy, provide rent growth and allow us to deliver positive performance to JVM investors.
As always, thank you for your continued trust.
Sincerely, Jay Madary President & CEO