OMAHA, NE - Haley Real Estate Group, an Omaha, Neb.-based investment firm, today announces the acquisition of three multifamily properties including The Landings in Durham, N.C.; Georgetown Park Apartments in Fenton, Mich.; and Sundance West Apartments in Reno, Nev. The acquisitions, which were completed in April, May and June of this year, add more than 1,000 units to the company’s portfolio and represents its first properties in Nevada and North Carolina. To date, Haley owns and operates 44 properties in 16 states with a total of 11,374 units.
“Our acquisition strategy is focused on providing the highest quality apartment homes to our residents as well as the greatest return to our investor clients. Michigan, Nevada and North Carolina are strong markets with high demand for superior product,” 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’ve implemented comprehensive capital improvement plans for each new property to meet that demand, and believe the upgrades will deliver the kind of top-tier product residents have been waiting for in these markets.”
The Landings, a 200-unit property built in 1986, will immediately be renamed Creekside Landing. The pet-friendly community boasts one and two bedroom units ranging from 790 - 1,137 square feet. Residents enjoy tennis courts, a fitness center and swimming pool. A majority of the $1.5 million planned renovation budget will focus on updating the apartment homes with energy efficient appliances, a modern two-toned paint color scheme, new lighting and plumbing fixtures as well as upgraded cabinet doors and resurfaced countertops. The community exterior will be completely repainted.
Haley has budgeted $2.9 million for capital improvements at Georgetown Park. Considering the community’s strong, family-oriented resident demographic, the company will build a school bus stop, a new playground and further enhance the 46 park-like acres with a bark park and picnic area. The community’s 480-unit mix of one and two bedroom, 960 - 1,300 square foot apartment homes will receive upgrades throughout including washer and dryer hookups, new appliances, updated paint and new lighting and plumbing fixtures.
The largest project undertaken by Haley in this group of acquisitions is the repositioning of Sundance West, built in 1974, from a Class C to a B+ property. The planned $4 million reposition encompasses a complete exterior upgrade with 100% window replacement as well as paint and landscaping updates. The interior changes include common area paint, carpeting and lighting, upgraded laundry rooms with new appliances, updated elevators and improved interior atriums. The property’s 348 units of studio, one and two bedroom apartment homes will receive energy efficient appliances, new flooring throughout, and new plumbing hardware, cabinets and countertops. This comprehensive improvement plan combined with the community’s three heated pools, covered parking, pet friendly policies and online payment options will enable Sundance West to compete with Class A properties in the market.