Multifamily
Koko / Luau Apartments
Acquired December 2018
Built in 1963
138 Units
We purchased Koko / Luau as a distressed asset with major deferred maintenance. Today the asset is stabilized with agency financing. The property operates as All Bills Paid including WiF. We accept housing vouchers and frequently work with rental assistance agencies. Koko/Luau are the most affordable, yet updated, units near Love Field.
Vernazza Apartments.
Acquired Dec 2019
Built in 1963
100 units
We purchased Vernazza with agency financing as a long-term hold and cash flow investment. The property was encumbered by a LURA, which has since expired allowing us to charge market rents. Vernazza has the potential to be a covered land site due to its proximity to the Bishop Arts District and frontage along Davis Street.
Stone Manor Apartments
Acquired May 2021
Built in 1965
109 Units
Stone Manor was a distressed asset upon acquisition, 80% occupied with major deferred maintenance. Stone Manor was encumbered by a LURA that expired in 12/22. The property is located in north Bachman Lake submarket surrounded by three public schools. The schools plus the large average unit sizes are attractive to families.
Wynnewood Gardens
Acquired February 2022
Built in 1947
106 Units
Wynnewood Gardens consists of 100% 2bedroom/1 bathroom units across 25 buildings. The asset is located a couple miles south of Bishop Arts and across the street from a regional shopping center with two grocers and a pharmacy.
Zang Apartments
Acquired May 2022
Built in 1960
51 Units
We purchased Zang Apartments as a fully renovated, but completely vacant asset. We liked the idea of leasing into an inflationary environment, while mitigating construction risk. Zang is located across the street from Wynnewood Gardens, so we earn operational efficiencies by operating and leasing Zang from Wynnewood.