Elevate ROI Announces Successful Turnaround and Repositioning of Underperforming Multi-Family Asset in Dallas, Texas
Dallas, TX, June 05, 2012 --(PR.com
)-- Elevate ROI today announced that it has achieved success in the turnaround and repositioning of a 200 unit multi-family asset in Dallas, Texas.
The Dallas-based property was built in 1998 and is located in an attractive multi-family neighborhood with strong market fundamentals and direct access to local transportation. The location is further enhanced by major retail, entertainment and office developments nearby.
Patty Crowder, President of Elevate ROI stated “This is a great case study of how the team here at Elevate ROI can successfully turn-around underperforming or troubled multi-family assets and maximize value for investors and partners. The turn-around of this asset, located in a great area of Lancaster, involved understanding the market fundamentals, increasing occupancy from approx 70% to 95%, renovating the property and eliminating costly and unnecessary rent promotions. We increased the Net Operating Income 280% and have successfully repositioned the asset. We’re pretty excited as there’s still plenty of upside with this asset and the underlying market. Our team has a clear plan in place to realize further near-term income and to continue to maximize the value of the asset. We’re extremely proud of a proven track record of success which begins by having the right people in the right places. We’ll continue to follow a disciplined model that highlights a strong foundation of people, systems, organization and accountability.”
Elevate ROI is currently focused on select Class A and B engagements in core markets in Texas and Oklahoma. In Texas, the company’s growth is concentrated on the Dallas Fort-Worth Metroplex, Austin, Houston and San Antonio. In Oklahoma, Elevate is active in Tulsa and Oklahoma City.
Elevate ROI has a strategic relationship with Dallas-Texas based Maxum & Mint which includes advisory and property management engagements for new multi-family and student housing product currently in the development pipeline.
The team has experience developing over 2,500 multi-family and student housing units and there are an additional 750 in development.
For further information, contact us directly at: Elevate ROI LLC, 600 E. John Carpenter Fwy, Suite 355 Irving, Texas, 75062. Telephone: 972.893.8622
About Elevate ROI
Elevate ROI is a privately held Dallas, Texas-based boutique company focused on the management acquisition and development of multi-family assets.
Elevate ROI provides a comprehensive range of professional services including:
· Multi-Family Property Management and Asset Management
· Strategic Acquisition and Disposition of Multi-Family Assets
· Development of Multifamily and Student Housing Projects
Elevate ROI’s portfolio consists of company owned and third-party assets in key markets in throughout Texas and Oklahoma.
The Company is led by a seasoned executive team with experience that encompasses the full range of institutional quality multifamily asset management including: acquisitions, property management, operations, financing, legal and detailed reporting to investors and partners.
Key Highlights of Elevate ROI’s Executive Team
-Multi-family and student housing property and asset management experience -Operational and regulatory oversight of 12,000 + units
-Direct development of over 2,500 units of multi-family and student housing assets
-Core team has experience managing over USD $250MM in assets for qualified and institutional investors
-Experience encompasses the full spectrum of multifamily asset management including acquisitions, development, financing, legal, and ongoing management and operations and reporting to investors and partners
=Proven track-record of success building and realizing value for investors and partners
-Conservative, disciplined and transparent investment strategy
-Advisory services for strategic investments, acquisitions and dispositions
Elevate ROI has a strategic relationship with Dallas-based development group Maxum & Mint.
About Maxum Development
Gary Perkins is the principal of Maxum Development, Ltd. and has 30 years of experience in development and construction for multiple project types including single family, multifamily, condominiums and retail. He has served multiple roles as developer, contractor, and operating owner of multifamily communities for the last 12 years. Gary is a HUD certified Developer with prior HUD experience. Through his associated entities, he currently owns and operates 831 multifamily units throughout the Texas and Oklahoma markets. He has active memberships with the Associated General Contractors of America (AGC) as well as the Apartment Association of Greater Dallas and Tarrant County and Building Owners and Managers Association (BOMA. Gary received a degree in Business Administration/Management from North Texas State University.
About Mint Interest Group
Jay Matthiesen is a licensed architect, who has 20 years of experience in development and construction providing knowledgeable input for multiple project types which maximized project goals within budget constraints. He has a diverse range of experience on projects ranging from retail shopping centers, corporate office buildings, multifamily, mixed-use facilities to high end hotels/resorts and restaurants. In addition to being the architect for many projects, he actively participated on the development team by; pursing entitlements, developing budgets, overseeing construction and operations budgets, reviewing leases, coordinating tenants, and managing the construction of projects. He has active memberships with the American Institute of Architects as well as the Texas Society of Architects, International Council of Shopping Centers, Urban Land Institute and Certified Commercial Investment Member.