Current portfolio consist of 1,288 units spread among five properties
Hamilton at Turman Farms, 496 Units, Horn Lake, MS (Memphis, MSA)
Built in 2007, Hamilton at Turman Farms is a 496-unit Class A apartment community located in Horn Lake, MS (DeSoto County), part of one of the fastest-growing counties in the United States. A marketing and renovation program was put in place immediately after closing, focusing on new marketing sources (new web-site, featured advertisements, etc.), property amenities, sub-metering of water/sewer and unit improvements (sub-metering fully implemented by August 2012). Ownership has expanded the fitness center by 440 square feet, replaced all fitness equipment with state of the art cardio theater machines and individual weight stations, remodeled the clubhouse and renovated units to include new cabinetry, countertops and fixture. Our renovated units command a 20% + premium on costs.
Before Kitchen
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After Kitchen
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Before Fitness Center
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After Fitness Center
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After Fitness Center (New 400 SF Addition)
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Before Clubhouse
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After Clubhouse
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Homestead at Morton Grove, 82 Units, Morton Grove, IL (Chicago MSA)
AHI and BNB are the primary equity partners in a 2012 built 82 unit senior living development. The property was completed in June 2012 and consists of 8 one-bedrooms and 74 two bedrooms apartments. Located on Lincoln Avenue, the property has a premium location across from St. Paul Woods forest preserve and is within close proximity to nearby retail and health care destinations. The property is in lease-up and is expected to reach stabilized occupancy by 4th quarter 2013.
Villages Portfolio, 710 Units in Central FL (Orlando and Tampa MSAs)
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Constructed in 2000, The Villages portfolio consists of three properties in Clermont (Orlando, MSA), Plant City (Tampa MSA) and Winter Haven (Tampa MSA). The portfolio is encumbered with HUD debt and closed on March 19, 2009 (recapitalization of the partnerships sponsored by Alex Brown Realty) with Andover Hill Investments, BNB Realty and Oculus Development, LLC. The previous capital structure prevented much needed capital improvements. Within 60 days of closing, an additional 80 units spread among all three properties were leased, dramatically increasing occupancy and collections. A renovation and repositioning program began in May 2009 with a focus on project amenities and interior finish. The clubhouse was substantially renovated to include a state of the art fitness center and club room. Unit interiors are being renovated with new kitchen cabinetry and countertops, new flooring, fixtures and hardware. Average rent premium is $75 per unit.