Stonegate at Stillwater
After completing in depth due diligence, Stonegate at Stillwater (formerly Forty North) was purchased in May of 2013, occupancy was at 68% and revenue was declining. In only 6 months Trinity achieved a 91% occupancy rate and increased monthly revenue by 30%. Additionally Trinity facilitated a $350,000 rehab project that assisted with transformation of the property. The earning potential at Stonegate continues to rise under Trinity’s management.
Timberline Apartments are a hard “C” class 305 unit apartment community that barely cash flowed running at 89% occupied. Trinity’s first objective was to get the occupancy up and make sure that the asset started to cash flow. Within 12 months Trinity had the occupancy consistently over 97%. Through careful management of expenses Trinity increased the net operating income to $180K+ per year. Trinity still manages this asset and has maintained its profitability for over 6 years.
Boulder Ridge of Northwest Arkansas
Trinity Multifamily purchased a portfolio of 744 units in May of 2010. This portfolio was initially plagued with deferred maintenance and global occupancy at only 60%. Trinity handled a complete turnaround of this $25 million acquisition in just six months. Trinity supervised the rehabilitation of 544 units in West Fork, Fayetteville and Springdale including roofs, siding, and interiors, amongst other projects. Initial revenue and occupancy was $198,000 and 65%, respectively, today revenue is at $355,000 and 95% occupied. This portfolio required the integration of four offices and 21 staff members. In light of Northwest Arkansas market studies, Trinity feels it has certainly overachieved.
Addison Place Apartments
Developed as new construction in 2004 in a slow growth market, Trinity Multifamily has managed this property from its inception. The initial lease-up was expected to be challenging, but Trinity Multifamily achieved a 95% occupancy rate only six months after construction was completed. When the investors elected to sell the property in 2005, Trinity arranged every aspect of the sale which resulted in a 300% return on investment. Having owned the property for less than two years, the investors were, to say the least, pleased with Trinity’s performance. Addison Place Apartments is a class “A” property located in Fort Smith, Arkansas.
Kingston was a “C” class asset that had occupancy of less than 30% and a high crime rate. A partnership put together by Trinity Multifamily acquired this asset. Immediately Trinity commenced a $150K remodel and vacated the entire complex. After the remodel was complete Trinity began to lease the complex. After only 90 days the complex was 100% occupied and running smoothly. Trinity later facilitated the sale of this project for a lucrative return.
Rockwood is a “C” class complex that Trinity manages. During our time Rockwood has seen steady income growth and now averages $120k a year more than it did upon takeover. Trinity has been able to increase and maintain physical occupancy by 5%. We continue to improve this asset and look forward to future growth and greater financial returns to the ownership.
Pomeroy Place Apartments
A “B” class property located in Centerton, Arkansas, Pomeroy Place was purchased as a distressed asset with multiple deferred maintenance projects in July of 2012. With 72 units and a 65% occupancy rate, Pomeroy Place was suffering from a slide in the Benton County multifamily market. Although the market has not yet fully recovered, Pomeroy Place Apartments is now occupied at over 90% and Trinity Multifamily’s management ability results in a 15% return to its investors.
Graystone Duplexes are a Class “B” community of 72 units located in Centerton, Arkansas. Purchased as a distressed property Graystone was less than 50% occupied with severely under market rents. Through an in depth market analysis and marketing plan Trinity was able to increase rents by 30% and achieve a 95% occupancy rate. Graystone now operates above the market average in both rents and occupancy.
Boulder Ridge Apartments
Trinity Multifamily assumed the management of Boulder Ridge Apartments, a 328 unit Class “C” property located in Oklahoma City, Oklahoma in 2007. At that time the property was less than 40% occupied. The initial value of the property was $5.7 million, and Trinity facilitated a $1.7 million rehab and renovation project on the complex. Current numbers for Boulder Ridge reflect a stabilized 94% occupancy rate with increased effective rental income and NOI. As a direct result of Trinity’s management abilities Boulder Ridge has become one of the most consistent properties in the entire portfolio and is now valued at 10 million.
Brighton Park Apartments
As a class “C” property in Tulsa, Oklahoma, Brighton Park was purchased as a turn-around project in March of 2005. With 208 units and an 80% occupancy rate, Brighton Park was suffering from a four-year slide in the multifamily maket. Although the market has not yet fully recovered, Brighton Park Apartments an now occupied at over 90% and Trinity Multifamily’s management ability results in a 20% return to its investors.
Previously owned and managed by Trinity Multifamily, Baxter/Beasley Properties is a Class “B” portfolio of 184 units located in Fort Smith, Arkansas. This investment consistently produced double digit returns while increasing in value. Trinity maintained the occupancy rate above 95% for over four years — three points higher than the prevailing market average.
Copper Mill Apartments
Previously owned and managed by a large institutional investor and valued at over $12 million, Coppermill had been suffering from a decline in the South Tulsa market. In only 12 months, Trinity increased the annual return on the investment in Coppermill by more than 40%. With Trinity providing all management services, occupancy increased significantly and expenses were decreased substantially. Over the past 24 month monthly revenue has increased by 10% and occupancy has risen to 95%. As a direct result of Trinity and their management abilities the property is now valued at 17 million. This property is located at the corner of 71st and Yale in Tulsa, Oklahoma.
Previously owned by Trinity Multifamily and having been continuously managed by Trinity for over eight years, Trinity Properties exemplified the capabilities of our organization. Four years ago, Trinity Multifamily sold this portfolio and realized a 50% return on the original investment. One year after the acquisition, the new owner began to experience management difficulties and asked Trinity Multifamily to return to the organization as the property managers. Bringing a full range of capabilities and a total effort to the project, Trinity Multifamily rebuilt the occupancy rate from 70% to 93% within 8 months. Trinity then went on to orchestrate the sale of the property at a profit. The latest owners have insisted on retaining the management of Trinity Multifamily and the occupancy rates remain above 93%. Trinity Properties is a class “C” portfolio located in Fort Smith, Arkansas.