Multi-Family Rehab

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RESIDENTIAL: Multi-Family Rehab

Serrano Creek
103-unit apartment community
Grand Prairie, Texas

Monticello Crossroads
106-unit apartment community
Fort Worth, Texas

River Ranch
80-unit apartment community
River Oaks, Texas

Oaks on Bonhomme
94-unit apartment community
St. Louis, Missouri

Case Study - Serrano Creek Apartments

103-unit apartment community
Grand Prairie, Texas
Gault Company

After acquiring a note from the bank which financed the Village On The Park Apartments, a 103 unit multi-family property, the developer negotiated a deed-in-lieu-of-foreclosure with the borrower and obtained control of the property. Residents were subsequently vacated from the property and a significant rehabilitation undertaken, involving a budget of $14,000 per unit, which was completed within budget and on schedule. The property was renamed Serrano Creek Apartments and repositioned in the market. After completion of the renovation, a 97% occupancy was achieved within 12 months with actual rents exceeding pro-forma rents. The property was sold within three years of the initial acquisition and investors achieved a significant return on their investment.