Creative Realty Partners is pleased to announce the acquisition of three multifamily properties,totaling 714 units, in three high growth markets. The new acquisitions includes: Heritag
All three properties in demonstrate physical and operational value-add opportunities. With over $5.5 million dollars for capital improvements, Creative Realty Partners plans to implement a unit renovation program and increase rents to a level commensurate with competitors in the area, thus considerably increasing revenue. In addition, there is potential to increase revenue by billing utilities back to tenants at a level consistent with the market. By implementing a full capital improvement plan, CRP will transform the properties and enhance the overall value proposition for renters and the local communities.
Creative Realty Partners’ value-add strategy has proven highly successful in these markets. CRP will implement exterior and interior improvements to produce substantial rent growth.
CRP focuses on areas with high economic growth, strong employment centers, low vacancies, high rental growth rates and unit-enhancement opportunities.
Founded in 1994, CRP is a privately-held real estate investment firm that employs a value-add investment strategy. Creative Realty Partners offers a full-service national real estate investment platform, with a successful and consistent performance history and attractive returns on investments. With offices in Beverly Hills and Orange County, the team at Creative has over 80 years of combined real estate experience. During the past five years, CRP has acquired in excess of 4,500 multifamily units and currently holds over 3,000 units in its portfolio. CRP’s acquisitions typically range between 100 and 400 units.