The Mansions at Coyote Ridge
- This transaction was controlled the day after the listing came to market. Virtu’s acquisitions group tracked the property through its broker relationships six months prior to marketing and was in position to make an offer on the property the morning of the listing. Virtu was selected as a preferred buyer among 18 back-up offers bidding on the opportunity.
- The property is recognized as one of the preeminent multi-family assets in the Dallas/Fort Worth Metroplex with an unparalleled amenity package and the highest quality unit finishes.
- Virtu immediately recognized the value of the property and its enhancement through reduced expenses and more moderate concessions, as well as positive changes in the marketplace. This included strategically targeting specific expense line-items and managing them with greater efficiency to enhance cash flow.
- Virtu held expenses level while cutting the property’s advertising expense in half and reducing payroll as planned; all while maintaining average leasing within a percentage of its occupancy at closing.
- A nominal renovation for the leasing office, pool, property entryway, and exterior paint was spent to maintain the asset’s prestige.
- The tenant profile was improved as well as tenant feedback on satisfaction of management. Thus, the property maintained itself as the premier property in the market, thereby commanding the highest rents – between $200 and $300 above the competition.
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