Case Studies

CRP and its equity partners acquired the Bay Island, a 120 unit apartment complex in Garland, TX, in fourth quarter of 2013. A $600,000 rehab budget (included in the initial acquisition financing) was allocated for interior, exterior, and amenity improvements.

The capital improvements were completed within the first 12 months of ownership and facilitated raising rents to market, tapering expenses, and instituting a utility bill-back program, which ultimately increased Gross Effective Income by 17%.  As a result of improved operations, the equity partners were able to recoup 100% of their initial equity investment by placing a supplemental loan on the subject property.  At disposition, the property was fully marketed and generated a sales profit of $2,000,0000 in excess of its acquisition price, representing a 138% increase in equity.

Including the monthly Cash Flow After Debt Service, as well as the refinance and sales proceeds, the total two year return on the project was in excess of 250%.

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Bay Island

CRP and its equity partners acquired the Tierra Del Sol (formerly Huntington Chase) in May of 2014, a 260 unit apartment complex in Irving, TX. A $1,100,000 rehab budget (included in the initial acquisition financing) was allocated for interior, exterior, and amenity improvements.

The capital improvements were completed within the first 12 months of ownership and facilitated raising rents to market, tapering expenses, and instituting a utility bill-back program, which ultimately increased Gross Effective Income by 24%. 

As a result of improved operations, the equity partners were able to place a supplemental loan on the subject property, recouping 183% of their initial equity investment.
At this time, the property remains in the portfolio and is generating substantial monthly returns.
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Tierra Del Sol

CRP’s equity partner acquired the Reflections at Highpoint, a 280 unit apartment complex in Irving, TX in September of 2011. The property was purchased off-market and below market value.
As a result of improved operations, the equity partner was able to sell the property in 2016 for a profit of over $10mm, representing a 330% return of their initial equity investment, including cash flow.
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Reflections at Highpoint

CRP and its equity partners acquired the Gardens on Walnut (formerly Stonewood Apartments) in December of 2013, a 160 unit apartment complex in Garland, TX. The property presented a great opportunity to re-position an undervalued property. By financing a $1,000,000 rehab budget in the initial acquisition loan, the property’s interior, exterior and amenities package was markedly improved. Ultimately, the property was re-branded and effective rents were raised to market, expenses were lowered, and Net Operating Income was increased.

After two years of improved operations, the asset was openly marketed to qualified investment groups and sold for a profit of $1,250,000, representing a 128% increase in equity.

The combined sales proceeds and monthly distributions represent a lucrative Return on Investment of over 250%.

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Gardens at Walnut

CRP and its equity partners acquired the Cooks Creek, a 255 unit apartment complex in Farmers Branch, TX, in first quarter of 2014. A $640,000 rehab budget (included in the initial acquisition financing) was allocated for interior, exterior, and amenity improvements.

The capital improvements were completed within the first 12 months of ownership and facilitated raising rents to market, tapering expenses, and instituting a utility bill-back program, increasing NOI significantly. The property is now in escrow and will generate a sales profit of over $6,000,0000 in excess of its acquisition price, representing a 375% increase in equity under 2.5 years.

Including the monthly Cash Flow After Debt Service, the total 2.5 year return on the project was in excess of 420%.

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Cooks Creek