Creative Realty Partners acquired Colinas Royale (formerly La Bella Palms), a 117 unit apartment complex in Dallas, TX, in June of 2017.
A $620,000 rehab budget (included in the initial acquisition financing) was allocated for interior, exterior, and amenity improvements.
The capital improvements were completed within the first 24 months of ownership and facilitated raising rents to market, tapering expenses, and increasing the existing utility bill-back program, ultimately increasing total revenues and decreasing property operating expenses.
At disposition, the property was fully marketed and generated a net sales profit of $570K, representing a 128% ROI. The property sold in May of 2019.