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