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%