Vista Buena Apartments

Trinity Multifamily purchased a 416 unit “C” class asset in Dallas, Texas from Fannie Mae in December of 2006. It was 30% occupied and in need of major renovations. Trinity spent over $2.5m on new paint, landscape and complete interior renovations and eventually had the property at 95% leased in less than 12 months. Trinity Mutlifamily was able to refinance the project in 10 months and return the equity to its investors.

Boulder Ridge of NWA

Trinity Multifamily purchased a portfolio of 744 units in May of 2010. This portfolio was initially riddled with deferred maintenance and global occupancy at only 60%. Trinity handled a complete turnaround of this $25 million acquisition in just six months. Trinity supervised the rehabilitation of 544 units in West Fork, Fayetteville and Springdale including roofs, siding, and interiors, amongst other projects. Revenue and occupancy in May was $198,000 and 65%, respectively, while the month of November ended with $290,000 in billed revenue and 98% occupancy. This portfolio required the integration of four offices and 21 staff members. In light of Northwest Arkansas market studies showing occupancy rates ranging from 85% in Bentonville and Rogers to 88% in Springdale and Fayetteville, Trinity feels it has certainly overachieved.

Boulder Ridge Apartments of OKC

Boulder Ridge is a 328 unit Class “C” property located in Oklahoma City, Oklahoma. In 2007, Trinity saw an opportunity to enter the Oklahoma City market and purchased Boulder Ridge from Fannie Mae. At the time Trinity took over management, the property was less than 50% occupied.  Within six months of managing Boulder Ridge, the occupancy increased to 93% and has continued to operate above market occupancy.  The initial value of the property was $5.7 million, and Trinity spent $1.5 million on Boulder Ridge for renovations and capital improvements.  As these projects were completed and the property stabilized, the value of Boulder Ridge has risen to $11.7 million.

Polo Square

Trinity Multifamily purchased a 60 unit “C” class Tax Credit asset in Bentonville, Arkansas in August of 2010. It was also in need of utility renovations and minor exterior repairs. Trinity spent $100,000 on Utility and Exterior renovations and within 5 months had the property at 100% leased. Trinity Mutlifamily with this rehab was able to raise the appraised value of this project from $1,092,000 to $1.8 million dollars for its investors.

Montecito Springs

Developed as new construction in 2009 in Springdale, Arkansas, Trinity Multifamily purchased this property from a local investor who by August of 2010 still had not been able to acquire Certificates of Occupancy on all of the buildings in this 192 unit class B complex. The first item of business at this asset was lease the units that were available and stabilize the tenant base. Within 3 months Trinity had achieved a 95% occupancy rate of all available units. Only 3 months after that they had worked very hands on with the city and contractors and received certificates of occupancy on the remaining buildings. When the investors elected to buy this property the monthly income was $50,000 only 10 months into ownership of this asset the property is collecting over $65,0000 monthly. This increase in income equates to a $1.5 million increase in value. Montecito Springs continuously has above 95% occupancy rate and operates at a profit each month.