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%
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