Palo Alto - Euless, TX

Units:
384

BUILT: 
1983

Class:
b

Acq. Date: 
Q2 2015 

Opportunity:

Rockport acquired a 384 unit property through an off market transaction at a discounted basis.

Execution:

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. 

Results:

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.