TriArc Prepares Low-Occupancy Ingleside Property for Sale in 15 Weeks
HOUSTON, June 5, 2019 (Newswire.com) - TriArc Real Estate Partners (TriArc) announces it has completed the management takeover and preparation for 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.
Upon takeover, The Cove suffered from low occupancy at 73 percent with a 60-day trend of 63 percent. In the 15 weeks of oversight, TriArc generated 94 leases and 84 move-ins, increasing the 60-day trend to 75 percent and occupancy to 83 percent. TriArc had to overcome a recent plant layoff that caused over 80 residents to vacate the property prior to takeover. The Oak Tree was 100 percent upon takeover and remained 100 percent at sale.
“I am very proud of our team and what they were able to accomplish,” stated Joseph Bramante, TriArc Real Estate Partners CEO. “Taking over that many properties at once is challenging enough. Preparing two of them for sale in four months was even more challenging, especially with one trending at 63 percent.”
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 skill sets 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 totaling over $100 million.
CEO – TriArc Real Estate Partners
“Improving Lives Through Multifamily”
Source: TriArc Real Estate Partners
Categories: Real Estate