Multifamily Transactions
Avenues at Tuscan Lakes
302-unit built in 2012
League City, Texas
Actions:
- Bought newly-constructed asset direct from developer in Dec. 2014
- Executed selective capital improvements
- Re-financed after lease-up
Result:
- Grew NOI and increased property value +44.3% since acquisition
- 99.6% Internal Rate of Return
- 3.88x Multiple on Invested Capital
Columbus Portfolio
Six asset, 886-unit portfolio built in 1964
Columbus, Ohio
Actions:
- Bought under-managed portfolio off-market in Dec. 2013
- Targeted rehab program maximized value
- Returned “down” units to operation and increased rents/occupancy
Result:
- Increased NOI +17.0% from $1.05MM to $1.23MM
- Sold portfolio as individual asset sales in April 2016
- 54.5% Internal Rate of Return
- 2.47x Multiple on Invested Capital
Vieux Coulee
264-unit built in 1984
Fort Worth, Texas
Actions:
- Bought premium location asset off-market in March 2010
- Initiated extensive value add and re-branded property
- Implemented professional management
Result:
- Increased NOI +95% from $467k to $913k
- Sold for gain of +97% over purchase price in June 2012
- 46.9% Internal Rate of Return
- 2.37x Multiple on Invested Capital
Butternut Ridge
261-unit built in 1992
North Olmsted, Ohio
Actions:
- Bought premium Cleveland submarket asset in April 2019
- Targeted rehab spend to maximize rent revenue
- Increased operational effectiveness
Result:
- Supplemental financing returned over 45% of initial equity after 24 months.
- 40.6% Internal Rate of Return
- 2.15 Multiple on Invested Capital