Ashton Park ApartmentsPolitics & Profits, Focus on the End Game
Ashton Park Apartments
Politics & Profits, Focus on the End Game
Acquisition, property management, value-add, rehabilitation, reposition, disposition
- Ashton Park Apartments
- 240 Units – Class B Apartments
- Texas City, Texas
- Built in 1975
- Advised purchase in 2008 to private investment group at $26,875 per unit
- Repositioned asset and resident profile over 18 month time period
- Provided regular cash distributions to investors
- Relieved as manager in 2014 to appease activist investors after significant tax increases required suspension of distributions. Continued to advise managing partner
- Rehired 12 months later after acting management allowed occupancy dip to 65% and payables to increase $200K+
- Arranged funding for recovery efforts
- Guided $781K of interior and exterior renovations in 2016
- Increased effective rents 65% over 10 years – ultimately, 18% higher than the submarket
Positioned for sale. Sold 2016 for $42,000 per unit.
Cap rate: 7.00%




