OMAHA, NE - Haley Real Estate Group, an Omaha, Neb.-based investment firm, today announces the $51.2 million strategic acquisition of four multifamily properties including Park Place in Oklahoma City, Okla., Oakbrook Apartments in Jackson, Miss., The Hamlins at Cedar Creek Lake near Dallas/Fort Worth and Nantucket Harbor in Shreveport, La. The combined purchase adds approximately 1,000 units to the company’s portfolio and a $12.4 million capital improvement strategy will be implemented for the newly acquired communities.
“Building our portfolio with strategic investments is a high priority in today’s current markets,” said Doug Hastings, senior vice president of property management for DEI Communities, the property management affiliate of Haley responsible for the day-to-day operations for the newly acquired properties. “We are committed to growing our brand while simultaneously providing residents with a comfortable living environment to call home. We believe the planned renovations to each property will not only deliver measurable ROI but will provide a greater sense of community to our residents and the thriving neighborhoods where our properties are located.”
Haley acquired Park Place Apartments, a 223-unit mid-rise community located in Oklahoma City, Okla. in January 2013. The four-story property is adjacent to the State Capitol and is just ten blocks north of the University of Oklahoma Health Sciences Center. During 2013, the property will undergo a comprehensive interior and exterior renovation.
Oakbrook Apartments is a 312-unit community located in Jackson, Miss. After finalizing the acquisition in December 2012, Haley has initiated plans to complete kitchen and bath renovations in all units. The upgrades will include new cabinets, appliances, plumbing and lighting fixtures. The property exterior will also undergo a comprehensive landscaping and common area rehab including the renovation of the clubhouse and the demolition of the existing pools to make room for a new resort-style pool, a bark park, a children’s playground and a community park.
Acquired in November 2012, The Hamlins at Cedar Creek Lake is a 208-unit property built in 2005. The community is located on 20.5 acres close to Cedar Creek Lake and is approximately 60 miles southeast of the Dallas/Fort Worth Metroplex. The property offers a comprehensive amenity package, including a state-of-the-art fitness center, a resort-style swimming pool, a media room with surround sound, a professional business and conference center as well as limited access gates and covered parking. Renovations to the community will include exterior painting.
Nantucket Harbor located in Shreveport, La. is a 224-unit property and was acquired in August 2012. Over the course of the next year a total exterior renovation will be completed including full siding replacement, stone retaining walls, a clubhouse remodel and an amenity renovation with the addition of a fitness center, a bark park and a playground. The exterior remodel will complement the community’s contemporary floor plans with upgraded interior finishes.
Multifamily real estate specialists engaged in managing acquisition, disposition and re-financing projects for Haley’s affiliated partnerships. Haley focuses on identifying potential property acquisitions throughout the central United States and on following strict acquisition criteria enforced through its underwriting and risk analysis.
Overseeing nearly $600 million of multi-family assets, compiled of 10,000+ apartment units across the Central United States, DEI Communities is a recognized leader in multifamily property management. DEI Communities has received the Accredited Management Organization® (AMO®) credential from the Institute of Real Estate Management (IREM). The AMO accreditation recognizes excellence among real estate management firms. Only those firms that achieve the highest level of performance, experience and financial stability and have a CPM in executive position can earn the AMO credential.
Source: MultifamilyBiz.com / #Apartments #Multifamily