Palo Alto - Euless, TX
Rockport acquired a 384 unit property through an off market transaction at a discounted basis.
The property was completely repositioned to compete with higher end assets in the area through an extensive capital improvement program that included the reconstruction of a “Class A” quality clubhouse, significant amenity improvements and a phased upgrade strategy for unit interiors.
The repositioning generated a 38% improvement in revenue. This growth, combined with expense normalization, led to a 288% increase in NOI. The property was sold in approximately 2.5 years generating over a 3.8x multiple on invested capital.