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Arwen

CASE STUDY

Property Summary

Location: Texas

Affordable Housing Program: Low-Income Housing Tax Credit and Section 8

Units: 280 units across 13 buildings

Lot size: 19 acres

Arwen CS photo.jpg

ACQUISITION STORY

  • Acquired off-market through existing relationship.

  • Distressed asset, 38% occupied at acquisition, considered high crime by local Police Department.

  • Significant deferred maintenance in addition to unrepaired storm damage from Winter Storm Uri (2021).

  • Executed $2.2 million renovation program to address deferred maintenance and bring units back online.

MANAGEMENT PLAN

  • Addressed all capital projects, upgraded units, and common areas.

  • Correct compliance and life safety issues at the property.

  • Implement deferred maintenance program and bring on institutional management.

  • Partnered with local police and DEA to improve safety.

  • Property is currently 98% occupied and generating strong cash-flow.

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