Projects

GULF COAST
Northwoods Apartments

Acquired: March 2017

Northwoods Apartments is a 431-unit garden-style apartment community in Pensacola, Florida.  It was acquired along with Sandalwood Apartments as part of a 576 unit portfolio, giving immediate economies of scale in a growing market. While the property had positive construction features, low density construction and interior amenities such as washer/dryer connections, it lacked anything dynamic. We redesigned and enhanced the leasing office, clubhouse, and pool areas, and added a state-of-the-art children’s playground and an off-leash dogpark. We also addressed operating inefficiencies by implementing a modern management system along with diverse marketing to increase rents.

City Heights at the Gulf

Acquired: March 2016

City Heights at the Gulf is a 176-unit garden style community strategically located two blocks north of the Mississippi Gulf Coast beaches..  The property is within minutes of the Beau Rivage, Hard Rock and Imperial Palace Casinos and not far from the Shipping Port at Gulfport and Keesler Air Force Base. We seized the opportunity to acquire an excellent infill location amongst a host of employment and entertainment centers.

City Heights at the Ranch

Acquired: September 2016

We purchased City Heights at the Ranch, located in Lafayette, Louisiana, as part of our Gulf Coast Strategy in 2016. A 346 unit community built in 1986, this deal is situated in affluent and highly desirable south Lafayette just minutes from Downtown, the University of Louisiana-Lafayette, Lafayette Airport, and other major employment centers. We purchased the asset at an attractive capitalization rate and placed low interest rate debt on it. In a market trending upward, and with our asset management style, we have been able to access higher rents while streamlining expenses, adding value to the asset. 

ALABAMA
City Heights Homewood

Acquired: October 2018

City Heights Homewood in Homewood, Alabama was built in 1976 and consists of 278 units. Originally two separate properties across the street from one another,  we combined them into one asset at acquisition and re-branded. This deal was acquired at an attractive basis but had a very high expense profile and lacked shared amenities. It needed new paint, resurfaced parking lots and tree trimming.  We budgeted substantial capital to create a best-in-class amenities package and believe that our aggressive asset management style will improve operations. We believe that the asset will flourish once construction is complete and the asset is stabilized. 

City Heights Hoover

Acquired: October 2018

City Heights Hoover is located in Hoover, Alabama, a the highly desirable submarket of Birmingham where it is nearly impossible to build new apartments. This deal was acquired at an attractive basis but had a very high expense profile and lacked shared amenities. With competing properties achieving substantially higher rents, we began strategic upgrades and dynamic marketing to increase income. With no new deals in the pipeline and consistent demand in the best school district in Birmingham, this property will continue to appreciate as the market grows.

Heights at Skyland

Acquired: February 2019

Heights at Skyland is a 304-unit garden-style community located in a growing Tuscaloosa market, grounded by the University of Alabama and the expanding Mercedes-Benz plant. The deal was well-maintained and stabilized at acquisition, with a strong amenity set already in place. We plan to take advantage of strong demand in the submarket by continuing the interior value-add program initiated by prior ownership to push rents, which includes the addition of hardwood-style flooring, laminate counter tops, new cabinets faces and pulls, and new lighting and paint.

OKLAHOMA
City Heights North

Acquired: January 2018

City Heights North is a 328 unit community located in Northwest Oklahoma City, the fastest growing retail and business corridor in Oklahoma. Constructed in 1971, the investment offered solid construction and abundant management upside in addition to its highly desirable location. We re-imagined the very large leasing office, adding a business center and fitness center and added new amenities such as a package delivery system and outdoor kitchen. These upgrades coupled with our hands on management approach have led to solid returns upon stabilization, and we expect his upward trajectory to continue due to growing demand and limited supply in the market. 

City Heights South

Acquired: January 2018

City Heights South is strategically located six miles east of Wil Rogers airport and ten minutes south of Downtown Oklahoma City. The property was built in 1972 and is comprised of 201 garden-style apartments. Previously managed by a company on the east coast, the asset will benefit from the experience of our Oklahoma-city based management partner. With rents market level and 95% occupancy, there is an opportunity to push rents once amenity and unit upgrades are completed.

City Heights at Medical Center

Acquired: October 2018

City Heights at Medical Center was re-branded to communicate its location – right in the middle of Oklahoma City’s designated medical district that offers multiple hospitals, surgery centers, and medical office buildings. The property has 186 units and was built in 1974. The building was solid but the property needed some finishing touches. We repainted the building with a new facade, modernizing the property and improving renter traffic. With upgrades to the unit interiors on turn, we have begun to access the much higher rents in the surrounding area. 

TEXAS
Tower Village

Acquired: August 2017

The 264-unit Tower Village Apartments is located in a solid Dallas infill location, providing access to multiple large, well recognized job centers, two universities, and abundant retail, transportation and entertainment. Built in 1970, the property had desirable features at acquisition including an open leasing office, large units, a large outdoor lake and expansive land. This deal had been owned by the neighboring University, and had many expenses that are not in line with industry standards. We immediately reduced expenses to market levels and added amenities such as a large dog park and outdoor barbecue grilling station within the first 90 days. We leveraged property improvements to close the gap between our  low rents and the competition, leading to increased revenue. 

Rolling Hills Place

Acquired: March 2016

Rolling Hills apartments is a 384 unit, 1985 constructed deal located in a Dallas sub market experiencing tremendous growth due to its location near Interstate Highway 35 with immediate access to Interstate 20. At acquisition the deal had desirable features with an open leasing office, clubhouse and fitness center and the units were well done, including washer/dryer connections, hard wood cabinets and microwaves. We saw an opportunity for nominal enhancements to flooring, counter tops and fixtures that would push rental revenue. Since acquisition, we have  elevated rents from lowest in the sub market to the top of the competitive set. We expect continued positive results in a vital United States transportation corridor experiencing abundant industrial growth and very little new multifamily development.

ARIZONA
City Heights Tucson

Acquired: February 2016

City Heights Tucson is a 272-unit apartment community built in 1985. The property is located in Northwest Tucson near the desirable Catalina Foothills and was prime for our asset management style. The previous owner remedied deferred maintenance before our acquisition, including new roofs, exterior paint and wood repair, parking lot resurface and plumbing repairs. With the big items taken care of, we focused on strategically upgraded units on turn to include faux wood flooring, upgraded lighting fixtures, and refinished counter tops. We also modernized the leasing office, clubhouse and business center. These initiatives have led to increased revenue in a booming Tucson market. 

Peaks at Redington

Acquired: January 2017

The 301-unit, 1980 constructed Peaks at Redington was a poorly managed asset in the east Tucson submarket, which we already knew very well. The previous owner was in the process of exiting the Tucson market and had not been focused on the property for some time. We have worked with our management partner to streamline expenses, while completing several value-add projects including a dogpark and outdoor sports center and enhancing the leasing office, clubhouse, and pool areas. These initiatives have allowed us to push revenue and since stabilization, the property has produced solid returns.