Case Studies

Creative Realty Partners acquired the The Plaza Apartments, a 281 unit apartment complex in Jacksonville, FL, in December of 2017.

A $1,027,000 rehab budget (included in the initial acquisition financing) was allocated for interior, exterior, and amenity improvements.

The capital improvements were completed within the first 18 months of ownership and facilitated raising rents to market, tapering expenses, and increasing the existing utility bill-back program, which ultimately increased the Net Operating Income by 41%.

At disposition, the property was fully marketed and generated a sales profit of $1,850,000representing a 140% Sale ROI. The property sold in December of 2019.

Including the monthly Cash Flow After Debt Service, the total cash-on-cash return on the project was in excess of 150%.

The Plaza Apartments

Creative Realty Partners acquired the Villas at Cedar Creek, a 118 unit apartment complex in Jacksonville, FL, in November of 2017.

A $483,000 rehab budget (included in the initial acquisition financing) was allocated for interior, exterior, and amenity improvements.

The capital improvements were completed within the first 18 months of ownership and facilitated raising rents to market, tapering expenses, and increasing the existing utility bill-back program, which ultimately increased the Net Operating Income by 80%.

At disposition, the property was fully marketed and generated a sales profit of $955,000representing a 143% Sale ROI. The property sold in November of 2019.

Including the monthly Cash Flow After Debt Service, the total cash-on-cash return on the project was in excess of 161%.

Villas at Cedar Creek

Creative Realty Partners acquired the Reserve at Lake Buchanan, a 151 unit apartment complex in Orlando, FL, in June of 2017.

A $500,000 rehab budget (included in the initial acquisition financing) was allocated for interior, exterior, and amenity improvements.

The capital improvements were completed within the first 18 months of ownership and facilitated raising rents to market, tapering expenses, and increasing the existing utility bill-back program, which ultimately increased the Net Operating Income by 50%.

At disposition, the property was fully marketed and generated a sales profit of $1,770,000representing a 150% Sale ROI. The property sold in October of 2019.

Including the monthly Cash Flow After Debt Service, the total cash-on-cash return on the project was in excess of 167%.

Reserve at Lake Buchanan

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 $570Krepresenting a 128% ROI. The property sold in May of 2019.

Including the monthly Cash Flow After Debt Service, the total, cash-on-cash return on the project was 132%.

Colinas Royale

Creative Realty Partners acquired the Pepper Place Apartments, a 88 unit apartment complex in Richardson, TX, in November of 2014.

 

A $709,000 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, which ultimately increased the Net Operating Income by 66%

 

At disposition, the property was fully marketed and generated a net sales profit of $1,240,000representing a 180% ROI. The property sold in November of 2018.

 

Including the monthly Cash Flow After Debt Service, the total, cash-on-cash return on the project was in excess of 213%.

Pepper Place Apartments

Creative Realty Partners acquired the The Oaks, a 148 unit apartment complex in Balch Springs, TX, in December of 2014.

A $954,600 rehab budget (included in the initial acquisition financing) was allocated for interior, exterior, and amenity improvements.

 

The capital improvements were completed within the first 18 months of ownership and facilitated raising rents to market, tapering expenses, and increasing the existing utility bill-back program, which ultimately increased the Net Operating Income by 66%

 

At disposition, the property was fully marketed and generated a sales profit of $5,350,000 in excess of its acquisition price, representing a 320% ROI. The property sold in June of 2018.

 

Including the monthly Cash Flow After Debt Service, the total, cash-on-cash return on the project was in excess of 339%, making the IRR above 42%.

The Oaks

Creative Realty Partners acquired the Silversmith Creek, a 140 unit apartment complex in Jacksonville, FL, in June of 2016.

A $186,000 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 increasing the existing utility bill-back program, which ultimately increased the Net Operating Income by 95%.

At disposition, the property was fully marketed and generated a sales profit of $3,260,000 in excess of its acquisition price, representing a 200% ROI. The property sold in March of 2018.

Including the monthly Cash Flow After Debt Service, the total, eighteen month cash-on-cash return on the project was in excess of 233%, making the IRR above 72%.

Silversmith Creek

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%.

Bay Island

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.

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%.

Gardens at Walnut