Below are a few examples highlighting how our investment and marketing expertise have resulted in outstanding results. If you'd like to know more about the specific measures we implemented for these properties - and how we can do the same for YOU - please contact Tyler Bradford.
Crescentwood Apartments, Clute, TX
Bill Barge assembled an investment group of 13 individuals, including himself, for this 216-unit property. Purchased in 2013 for $6.5 million, the property was reporting an annual NOI of $597,000. The property sold in 2018 for $17.2 million, reporting an annual NOI of $1,195,046 – an increase of 100%.
The Springs of Lake Jackson, Lake Jackson, TX
Purchased as an individual investment, this 153-unit property was acquired in 2014 at a price of $4.35 million. Initially financed with a simple bank loan, the property was refinanced via a traditional commercial mortgage in 2016 with a loan amount of $6 million, allowing Mr. Barge to pull out over $2 million in cash. The project saw an increase in NOI of 35% and sold in 2018 for $10 million.
Quail Creek Apartments, Tyler, TX
This 224-unit property was purchased in July 2020. While several factors made it a lucrative investment, one in particular stood out that would offer immediate returns – very high occupancy with below-market rents. As a result of implementing current-market rates for new leases as well as incrementally increasing renewals, NOI increased 17% during the first year of ownership.
Northpark Village, Wichita Falls, TX
A long-term friend and occasional business partner saw potential in this property and approached Mr. Barge about investing as well as providing management services. The purchase was closed in late 2018 with Mr. Barge as the majority investor. The project has seen increases in NOI every year since purchase – including during COVID. Total NOI increase is 25%-30%. During 2020, the property obtained HUD’s “Green” designation, which allowed refinancing and a reduction in MIP of 50%, further enhancing the cash flow for the property.
The owners of Cedar Ridge were referred to us after unsatisfactory results with another third-party management company. At take-over the property was generating an annualized NOI of $1,580,274. At present, the property is reporting a 12-month NOI of $1,931,783 - an increase of $351,509 or 18%. In addition, average tenant A/R has decreased 60%.