Chestnut Park
San Antonio, Texas
Website: www.liveatchestnutpark.com
Chestnut Park, a 145 unit property in Phoenix, was acquired by the partnership in March 2016. Updates to the leasing office, clubhouse, model and common areas have enhanced the asset's overall environment for tenants and visitors, as well as adding value for investors.
Cielo
Phoenix, Arizona
Website: www.mayalindaapartments.com
After the acquisition of Maya Linda Apartments, a complex comprised of 336 units in Phoenix, the team rebranded the property "Cielo" as an homage to the beautiful Arizona sky. Ownership soon initiated improvements to the leasing office, clubhouse, model, and common areas. Upon sale, this property should provide a substantial return to investors.
Sterling on 28th
Phoenix, Arizona
Website: www.sterlingon28th.com
A 224 unit property, the Brentwood Apartments were purchased in June 2015, and soon rebranded as Sterling on 28th.
Ownership arranged a 70% LTV bridge financing at closing, along with a strategic private investor capitalization structure that took advantage of the below market entry point and under market rents.
The Ownership then repositioned the asset and updated the leasing office, clubhouse, model and common area amenities.
Rebranded, refurbished, and revitalized, Sterling on 28th was sold in 2016 for a very attractive return to investors.
Colorado Commons at Old Town
Monrovia, California
Located on two acres within Monrovia’s historic Old Town district, the well-crafted condominium community features 68 attached homes with a selection of 10 floorplans, including flats and multi-level townhomes, many designed with stylish mezzanines. Colorado Commons at Old Town brings an affordable solution to potential residents who crave the charm of Pasadena, but not the cost.
Colorado Commons was developed by Barker Pacific Group, Inc. (BPG) as a public-private venture with the City of Monrovia Redevelopment Agency. The ground-up project consists of 68 residential units and 4 commercial units and was completed in the spring of 2008.
Due to the weak for-sale housing market at delivery, BPG created a rental strategy and successfully leased-up the project to 90% by December of 2008. The entire lease-up was only eight months. A key part of the rental strategy was a rent-to-own program that applies a portion of a tenant's rent toward the future purchase of the unit. BPG sold the units in 2015.
Summerhill Apartments
Phoenix, Arizona
Acquired by the Sterling Real Estate Holdings JV in July 2017, the Summerhill Apartments is a 130-unit complex that was built in 1970.
At the time of acquisition, many of the units' interiors had already been renovated. The team plans to proceed with improvements to the property's exterior features, such as paint, landscaping and other common areas, as well as exterior branding and signage.
The team is excited to add value to the property and expects to provide a return to investors when the project is sold in the future.