Property Rehab
At Mac Lamar we understand often the best opportunities in investment real estate come with the most challenging properties. A large portion of our portfolio began with distressed property acquisitions, followed by the planning and execution of a full property rehab, rebrand and repositioning. The results speak for themselves; as every project we have undertaken has proven to be a success. General expectations have been an increase in rental rates of 30-50%, consistent occupancy of over 95% and ROI of less than 5 years. Let us assist you with evaluating your next property acquisition.
Below is a select list of examples.
Below is a select list of examples.
Water St Apartments - 20 Units - Corpus Christi, TX
Perhaps our most challenging project to date, this 2- building, 100 year old property located in downtown Corpus Christi, one block from the bay has become a true diamond in the ruff. However, at the time of acquisition, the property was nearly beyond saving. Passed over by many investors, and likely one phone call away from being condemned, Mac Lamar took on the challenge. The result has been the restoration and preservation of a historic building. 100% occupied within one month of completion with an anticipated ROI of less than 3 years, this includes the cost of acquisition.
Perhaps our most challenging project to date, this 2- building, 100 year old property located in downtown Corpus Christi, one block from the bay has become a true diamond in the ruff. However, at the time of acquisition, the property was nearly beyond saving. Passed over by many investors, and likely one phone call away from being condemned, Mac Lamar took on the challenge. The result has been the restoration and preservation of a historic building. 100% occupied within one month of completion with an anticipated ROI of less than 3 years, this includes the cost of acquisition.
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Monarch Court - 24 units - Dallas, TX
At the time of acquisition this property was listed as one of Dallas's top 10 worst apartments. In a span of 4 weeks we vacated the entire property and moved in our in-house rehab team to provide security for the property. After an extensive 6 month rehab, including installation of energy efficient mini-split AC systems in every unit, the property is now performing extremely well. Rents have increased from a low of $500-$600 per month to $900-$1100 and maintained occupancy of 95%.
At the time of acquisition this property was listed as one of Dallas's top 10 worst apartments. In a span of 4 weeks we vacated the entire property and moved in our in-house rehab team to provide security for the property. After an extensive 6 month rehab, including installation of energy efficient mini-split AC systems in every unit, the property is now performing extremely well. Rents have increased from a low of $500-$600 per month to $900-$1100 and maintained occupancy of 95%.
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Gastonian Condos– 62 Units – Dallas, TX
One of the last unrenevated properties on Dallas's revitalized Gaston Ave. We took on management and coordinated with local contractors to oversee the 1.5 million renovation and condo conversion. Rents have increased from $500-$600/ month to $900.
One of the last unrenevated properties on Dallas's revitalized Gaston Ave. We took on management and coordinated with local contractors to oversee the 1.5 million renovation and condo conversion. Rents have increased from $500-$600/ month to $900.
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Casa Linda Apartments – 48 Units – Corpus Christi, TX
We took over management on this 48 unit complex in Corpus Christi and managed a $600K Rehab in which we repositioned the property from a class D+ property to a class B-. We increased rents from as low as $500/month to $850/month. We also lowered operating expenses and beat the allotted construction budget to increase the ROI for our client on this investment. This property has been converted to a condominium community and is performing well.
We took over management on this 48 unit complex in Corpus Christi and managed a $600K Rehab in which we repositioned the property from a class D+ property to a class B-. We increased rents from as low as $500/month to $850/month. We also lowered operating expenses and beat the allotted construction budget to increase the ROI for our client on this investment. This property has been converted to a condominium community and is performing well.
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The Elms Apartments – 32 Units – Lockhart, TX
A challenging renovation, as the property suffered from severely damage plumbing issues due to foundation shifting. Working with the City of Lockhart and Contractors from San Antonio we susccefully re-plumbed the entire property. Rents were increased from $450/month to $750/month resulting in a complete change in the tenant base. This project is now at 98% occupancy and cash flowing wonderfully for this client.
A challenging renovation, as the property suffered from severely damage plumbing issues due to foundation shifting. Working with the City of Lockhart and Contractors from San Antonio we susccefully re-plumbed the entire property. Rents were increased from $450/month to $750/month resulting in a complete change in the tenant base. This project is now at 98% occupancy and cash flowing wonderfully for this client.
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NXNW Apartments – 33 Units – San Antonio, TX
Another challenging project due to existing tenants participating in a range of criminal activity. At the time of acquisition the property was 30% occupied. We worked with local security contractors and Police to vacate the property during the rehab process
After a 350K rehab rents were increased from as low as $700/month to $1100/month. Occupancy rates are between 90% and 95%.
Another challenging project due to existing tenants participating in a range of criminal activity. At the time of acquisition the property was 30% occupied. We worked with local security contractors and Police to vacate the property during the rehab process
After a 350K rehab rents were increased from as low as $700/month to $1100/month. Occupancy rates are between 90% and 95%.
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Princess Apartments - 58 units- Corpus Christi, TX
A beautiful historic property in downtown Corpus Christi, 1 block from the water with stunning views of the bay. This building is Corpus Christi's oldest hotel and was famously frequented by Al Calpone. Mac Lamar is currently rehabbing the entire property with our in-house construction team. Expected completion March 2018. The rehab includes full interior renovation with updates to the building's chiller system and condo conversion.
A beautiful historic property in downtown Corpus Christi, 1 block from the water with stunning views of the bay. This building is Corpus Christi's oldest hotel and was famously frequented by Al Calpone. Mac Lamar is currently rehabbing the entire property with our in-house construction team. Expected completion March 2018. The rehab includes full interior renovation with updates to the building's chiller system and condo conversion.
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Santa Fe Arms - 32 units - Corpus Christi
A fantastic opportunity with years of neglect and deferred maintenance. We took over, vacated and rehabbed the property building by building. We were able to successfully retain and move existing quality tenants into newly rehabbed units to maintain some level of cash flow during the rehab process. Since rehab and rebranding completion the asset has consistently performed and maintained occupancy levels of 95+%
A fantastic opportunity with years of neglect and deferred maintenance. We took over, vacated and rehabbed the property building by building. We were able to successfully retain and move existing quality tenants into newly rehabbed units to maintain some level of cash flow during the rehab process. Since rehab and rebranding completion the asset has consistently performed and maintained occupancy levels of 95+%
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The Palms – 88 Units – San Marcos, TX
We took over management on this 88 unit complex in San Marcos and managed a $450K Rehab in which we repositioned the property from conventional to student. We increased the occupancy from 62% to 98% and increased rents from as low as $400/month to $700/month which equated to a monthly rent roll increase of $27k. We also lowered operating expenses and beat the allotted construction budget to increase the ROI for our client on this investment.
We took over management on this 88 unit complex in San Marcos and managed a $450K Rehab in which we repositioned the property from conventional to student. We increased the occupancy from 62% to 98% and increased rents from as low as $400/month to $700/month which equated to a monthly rent roll increase of $27k. We also lowered operating expenses and beat the allotted construction budget to increase the ROI for our client on this investment.
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