Seasoned local apartment investor MB 35, LLC has completed the extensive renovation of their latest project in Irving, TX. The 103 unit multifamily rental property is now called Casa del Sol Apartments and was formerly named Cheyenne Apartments. The company, backed by years of experience in multifamily renovations and energy efficiency retrofits, has completed their most ambitious "green" renovation to date. The company performed many energy efficiency upgrades to the units and buildings along with full interior remodeling on every unit over the course of the last twenty months. The company also performed a complete renovation of the plumbing systems and fixtures to create a water efficient project as well. MB 35, LLC has spent most of the last decade buying and turning around distressed and undermanaged multifamily properties in the Dallas area and was completing energy and water efficiency upgrades before it was mainstream, learning from each project as they progressed. Some of the elements of the project were using CFL bulbs in every fixture including the new ceiling fans, replacement of all toilets with low-flow units, replacing all plumbing fixtures, replacing old HVAC units with more efficient products, replacing the entry doors with Energy Star rated units, solar screens on all the windows, and the icing on the cake was the installation of 30,000 square feet of radiant barrier in the attic spaces. The company believes that it is possibly the largest residential radiant barrier installation in Texas for a single property.
The 1960's era product was in desperate need of a complete renovation when purchased in late 2007 according to the company. The well over $600,000.00 renovation included completely new interiors, building exterior renovations, and a new roof as well. The renovations will lead to savings on electrical costs to light, heat, and cool the units along with savings in both water and wastewater billing. "We feel that the position of this product in the market and the savings generated from the "green" investment will allow us to compete with any product in the submarket and we are actually charging rents slightly lower than some of our 'non-renovated' competition" according to company founder and president, Steve McCrann.
The company has been rewarded with occupancy of 99% and a small waiting list for apartments in their 103 unit project in Irving, TX. Mr. McCrann added, "We felt that the only possible way to 'beat' the market was to present a superior product".
Mr. McCrann, whose company partners with high net worth investors on each project is excited about the project and the company's ability to continue to provide very strong returns to their investors as well as providing a superior product to their customers. "I think our investors are going to be very pleased with our performance again on this project, like our other projects in the past" stated Mr. McCrann. The company also has another smaller, 32 unit renovation project completed in Denton, TX that has maintained 96-100% occupancy since February 2009 after coming out of the renovation phase.