TriArc salvages underperforming property in Ingleside for Owner in 15 weeks to sell
HOUSTON, TX – TriArc Real Estate Partners (TriArc) announces it has completed the management take over and preparation for the sale of The Cove (264 units) and Oak Tree (192 units) apartments in the tertiary markets of Ingleside and Kingsville, respectively. TriArc’s subsidiary company, TriArc Living, served as the property management company for the properties that closed on May 31. There were 3 other properties as part of the takeover including The Estates, The Waters and The Pointe all located in Corpus Christi totalling 750 units.
Upon takeover, The Cove suffered from mismanagement and poor occupancy at 73% with a 60-day trend of 63%. In the 15 weeks of oversight, TriArc generated 94 leases and 84 move-ins, increasing the 60-day trend to 75% and occupancy to 83%. TriArc had to overcome a recent plant layoff that caused over 80 residents to vacant the property prior to take over. The Oak Tree was 100% upon taking over and remained 100% at the sale.
“I am very proud of our team and what they were able to accomplish. Taking over that many properties at once is challenging enough, preparing two of them for sale in 4 months was even more challenging especially with one trending at 63%” a
About TriArc Real Estate Partners
TriArc Real Estate Partners is a full-service investment management firm focused on the acquisition of compelling multifamily real estate assets with untapped value to deliver market-leading returns to its investors. TriArc was established in 2013 by the principals of The Atlas Company and Kindred Residential as a full-service investment vehicle to leverage the operational platforms, industry networks and skillsets of each respective firm to successfully execute on a yield-plus and value-add investment strategy in the multifamily real estate asset classes. The firm’s owned and third-party managed portfolio includes approximately 1,100 conventional apartment units spread across the Houston MSA and Corpus Christi with assets under management totalling over $100 million. For more information, please visit www.TriArcREP.com or follow TriArc on Twitter @TriArcREP.
CEO – TriArc Real Estate Partners
“Improving Lives Through Multifamily”