Dallas yields another winning multi-family investment for Adams Investor Group
The thriving Dallas, Texas market has yielded a new apartment investing crop for Adams Investor Group (AIGP), a successful Pennsylvania-based real estate investing group.
The successful apartment investing syndicate is very pleased to announce the recent sale of Cornerstone Apartments located in the heart of Dallas’ booming economic zone.
The property was purchased in the summer of 2014 at a price of $6.0 million and was recently sold for $10.2 million – a strong gain of over $4 million in value in 2 years.
“What I like best about buying and selling apartments,” comments Brian Adams, owner of AIGP, “is that everybody wins – we make money, our buyer steps into a property that’s been updated and is immediately profitable and our residents benefit from the work we’ve done and a new owner who’s excited to take the reins.”
The Cornerstone deal is what Mr. Adams likes to call a “value add” investment opportunity.
AIGP purchased the property and immediately saw how improvements could be made to both enhance the residents’ living standard as well as add immediate cash flow and long term equity to the complex.
With seemingly simple updates such as grooming the landscaping, painting all exterior buildings, upgrading interior units, adding modern laundry facilities and even re-furbishing the signage and rental office, the property looks great and is a place the residents are proud to call home.
Additionally, AIGP put new roofs on some of the buildings as well as adding security cameras and other features to solidify the property and give residents a feeling of safety and comfort.
“When you break it down,” Adams continues, “it’s really about the people who live in your complexes. Keep their needs in mind and give them a nice place to live and not only do you reduce tenant turnover, increase occupancy and can bump up the rental income… you add value to the property. You make money when you buy and when you sell and even the new owner is tickled about the deal.”
Dallas is a thriving city with many tech and health employers located very near the Cornerstone Apartments. With employers like Verizon, Southwest Airlines, Compass Bank and the University of Texas there are plenty of people looking for a place to live and plenty of demand to keep the property profitable.
The Cornerstone deal clearly demonstrates how researching your market, accurately analyzing a property and seeing the hidden value within can bring forth a very profitable financial crop.
This is what Adams Investor Group does best and they’re already on their way to planting the seeds of another investment harvest.