Mill Hollow Apartments is an 84-unit, Class B multifamily community located in Altamont, NY, acquired by ROLA in June 2023. Strategically positioned in a high-demand rental market, the property has quickly emerged as a high-performing asset within the portfolio, combining operational efficiency with strong resident appeal.

Since acquisition, ROLA has deployed over $5.7 million in capital toward value-add improvements. These include the installation of smart thermostats, low-flow plumbing fixtures, and a full conversion of the on-site pool to a saltwater system—initiatives designed to reduce ongoing costs and increase sustainability. As part of continued tenant engagement efforts, plans are underway to introduce a pickleball court, based on resident feedback and usage trends.

With occupancy consistently exceeding 95% and 100% rent collection in Q2 2024, Mill Hollow has outperformed initial pro forma expectations. Net Operating Income for the quarter reached $341,892, supporting continued distributions above preferred return thresholds. Despite slightly lower net income this quarter due to normalized occupancy, revenue stability remains strong, driven by disciplined leasing and expense management.

ROLA continues to view Mill Hollow as a cornerstone residential investment, offering upside potential through continued upgrades, tenant retention initiatives, and thoughtful operational oversight.