— Strategic Capital Partners, LLC (SCP) and Crest Asset Management (CAM) recently sold two, multi-family properties totaling 636 units located in Dallas, TX.
The properties were acquired in September 2006 as one, 636-unit property that was suffering from low occupancy and deferred maintenance. Upon acquisition, the property was separated and rebranded into two unique multi-family complexes. The partners also renovated the leasing centers and amenities, streamlined pricing and marketing, and significantly decreased operating expenses. Overall, the investment returned approximately a 30% IRR and an equity multiple of 3.0x to the investors.
“This is a textbook value-add. We significantly increased the rental rates and occupancy. This sale is a great deal for the investors in SCP’s institutional fund and CAM,” said Robb Bollhoffer, Managing Director for SCP. “CAM once again exceeded all expectations and has been a terrific partner.”
Added Rajiv Naidu of CAM, “Our management team, with the support of SCP, was able to successfully transform the community and the neighborhood. SCP has been a terrific partner throughout the life of this investment and we are fortunate to have them as our partner.”
Formed in 2005, Strategic Capital Partners, LLC is a privately-held real estate investment management firm that employs a value-added investment strategy of acquiring commercial and multi-family properties across the United States. SCP, through its Strategic Partners Value Enhancement Fund, Strategic Capital Partners Real Estate Opportunity Fund I, and Strategic Partners Urban Development Group, has invested more than $1 billion in total capital. To date, SCP has closed 50 joint ventures with 39 different local operating partners.
The SCP team of veterans has more than 200 years and $20 billion of collective real estate investing experience, employing a hands-on, cycle-tested investment approach. The company is headquartered in Chicago with an office in Indianapolis. Learn more about SCP at www.strategiccapitalpartners.net. Crest Asset Management, Inc., was formed in 1986 as a full service real estate firm. Their expertise and comprehensive range of services extends to residential property management, rehabilitation construction management, resident services, property acquisition and disposition services.