The Delano is an 18 unit apartment building constructed in 1963 along with a 2 bedroom bungalow built in 1930. davisRE purchased the property in 2012, renovated the exterior and interiors and sold the property after a 23 month hold period. The investor total return was 46.78%.
Villas on Bowser
The Villas on Bowser is an 18 unit apartment building constructed in 1963. davisRE purchased the property in 2012, renovated the exterior and interiors and sold the property after a 15 month hold period. The investor total return was 23.84%.
The Viceroy is a 22 unit apartment building constructed in 1964 davisRE purchased the property in 2013, renovated the exterior and interiors, upgraded the landscaping and re-tenanted the property. The Viceroy sold in 24 months with a total investor return of 95%.
Dragna Retail Center
The Dragna Retail Center is a 7,048 square foot iconic retail center on Dallas’ Lower Greenville Avenue. The property was purchased in October 2013. After completing capital improvements that included new awnings, new spire sign, new roof and painting the building, 4 out of 6 tenants were renewed at market rents reflecting a 68% increase. The project was sold in February 2015. The projects total return was 192% over a 16 month hold period.
Lakewood Tower is a 173,000 sq. ft. office building located in East Dallas. The property was identified as underperforming and managed due to the ownership structure. Upon acquisition, capital improvements were made along with a concerted effort to reach out to the tenant rep brokerage community and surrounding neighborhoods to improve the property’s perception. Within three years, the property was stabilized at 98% occupancy and sold resulting in a 25.7% IRR and 1.90x multiple.