SOLD
90 unit garden style community in Tyler, TX.
Property:
TOTH (Towne Oaks Town Homes), a 90 unit garden style community in Tyler, TX. Built in 1968, the property consists of 24, one-story garden style apartment buildings on an 8.15-acre site. Amenities include a beautiful clubhouse and pool area.
Strategy:
Acquisition of a performing asset with upside via improved marketing, utilities charge back and property management efficiencies.
Highlights:
Our business plan includes the following improvements.
The property was managed as a single 90 unit asset. While this size property does operate more efficiently than smaller properties there are many areas for improvement. We combined management with a larger property, that we owned across the street, to improve our bottom line.
The prior owners were paying the water bills for all tenants even though charging back water is a common practice in Tyler, TX. We’ve transitioned all new leases and renewals to tenant-paid water.
Prior management had not implemented best practices designed to bring rents up to market levels. We’ve been able to raise all unit types up to market rates for the area and continue to keep up with local rent increases.
The property had been marketed as a Senior Living community. We’ve marketed the property as 55+ which helped to bring in a more vibrant and price-inelastic tenant base.
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