Buena Vista Apartments – Dallas
The 132 unit Buena Vista Apartments complex was purchased in 2016 as a value-add opportunity. At the time the purchase contract was signed, 16 of the 132 units were offline and the complex was in need of significant investment to the exterior and interiors of the rental units. Since the close of escrow in May of 2016, all down units have been brought online and most of the exterior issues have been addressed. A combination of selected interior renovations and bringing down units online has resulted in gross rent growth of almost 40% as of January 2017.
44th Street Apartments – San Diego
The 16 unit 44th Street Apartments complex was purchased in 2011 for $1M cash as a value-add opportunity. During the first year of ownership, our group spent $400,000 to completely renovate and upgrade the property. This included new flooring, kitchens and bathrooms to every unit, as well as exterior painting, landscaping, fencing and other improvements. The 44th Street Apartments remained in our portfolio as a strong income producing asset through 2015. In 2015, we sold the complex for $2.7M and realized a substantial gain.
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