Acquired in November 2014, the 145-unit apartment complex located on the border of the Dallas submarkets Vickery Meadow and Lincoln’s Village. At the time of acquisition the property suffered from years of defferred maintenance and sub-standard tenant profiling. The property was known to the city to be ridden of crime and drugs. 

 

The property is well located across the street from the newly built “Shops at Park Lane,” which is a 33.5 acre property, located at the southeast corner of US-75 and Park Lane.

 

There is mix of designer-value and traditional retail which brings a unique shopping experience to the area with premium stores, distinctive restaurants, and everyday amenities including the largest Whole Foods Market in North Texas. The 550,000 square feet of shopping and restaurants is complemented by contemporary office and high-end residential, all in a modern urban setting.

 

The area surrounding Park Beverly has been one of the most highly developed areas in DFW over the past 5 years. The site is 2.7 acres - located just off Northwest Highway, behind Half Price Book’s flagship store.  The outdoor retail chain REI moved to a newly developed 34,000 sf space across the street from Park Beverly. Starbucks, also across the street, just signed a new 10 year lease. 

 

At the time of acquisition Park Beverly had some of the lowest rents of all neighboring communities. The community is roughly 7,000 units at 95% occupancy. Comprised of primarily older, 1970s and 1980s vintage assets; rents at the older communities average a $1.25 or $960/month. 

 

Osher’s investment strategy was to acquire the aging apartment complex, complete cosmetic renovations to the exterior and interior of property in order to capture the premium rents of the area. Initial pro-forma indicated a cash on cash return of over 18% annually. Rents for newly renovated units have been obtaining 20% higher rents than the pro-forma.

 

A future opportunity exists for a redevelopment due to this highly sought after location. In addition to the above mentioned developments the neighboring property is 13 acres, which was formerly a Sam’s Club and owned by Stan Kroenke. It is anticipated that after Mr. Kroenke completes the development of Preston Hollow Village, the half-billion dollar mixed use development he will focus on the redevelopment of the former Sam’s Club site.  

 

The exterior and the common area improvements included a new security fence with access controls, complete paint and millwork of the entire property, retexturing of the catwalks, security cameras, all new landscaping and irrigation, a park with benches and grills, the installation of two new boilers, the rehabilitation of the chiller, all new LED exterior lighting, a new mailroom, renovation of the laundry room with new machines, a 2’’ asphalt overlay over all parking areas with striping, and fully renovating the old leasing office and creating a resident lounge for tenants to enjoy. 

 

To date we have completed the renovation of all 80 units. Renovations in the units include new air handlers with updated thermostats, new electrical panels, faux wood flooring, custom kitchen cabinetry with granite countertops and stainless steel sinks and fixtures, all new appliances, new lighting fixtures throughout, updated tile in the bathrooms, and all new fixtures and hardware.