3300 Tamarac

tamarac

Summary: In March 2014, DVO invested $16.77 million in Tamarac Village, a 564-unit apartment community located in Denver, CO. Over a 20-month hold period, 36% of units were renovated and re-leased at an average rent increase of 26%. DVO and its equity partners sold the asset in November 2015 achieving 35% appreciation.

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Built in 1977, Tamarac is ideally situated in an infill location near the metro area’s largest employment center and expanded light rail system. The property benefits from an abundance of amenities, including fitness center, racquetball courts, sand volleyball court, business center, multiple pools/spas, a barbecue area, fenced dog park and play area, spread-out throughout a parklike 24-acre property. Dated unit interiors and common areas resulted in significantly below market rents. DVO and its partners successfully executed a renovation and repositioning program while simultaneously maintaining high occupancy. Unit interior renovations provided new appliances, countertops, floors, hardware, and various other upgrades. An additional $2.76 million worth of common area upgrades were performed, including a brand new club house, and the rebranding of the property to 3300 Tamarac.

Bristol Village

bristol-village

Summary: Acquired in April 2014, DVO invested $10.51 million in Bristol Village, a 240-unit apartment community located in the Aurora suburb of Denver, CO. Built in 2003, Bristol was well-positioned to receive a value-add program that would maximize rents in one of the nation’s highest growth rental markets. Approximately half of the units were renovated and released at an average rent increase of 24%, with NOI growing by 31.6% since acquisition.

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A high-quality property ideally located in one of the top growth markets in the U.S., Bristol is situated minutes from Aurora’s biggest and best employers and retail attractions as well as in close proximity to the area’s expanded light rail system. The property boasts numerous attractive amenities including fitness center, heated swimming pool, spa, sun deck and private detached garages. Built in 2003, the property was previously lightly renovated. However, unit interiors remained dated throughout. DVO and its partners executed a modest unit renovation program across previously upgraded and original units to capture significantly higher rents. An additional $1.48 million was invested in common area upgrades to refresh and modernize the property.

Sunterra Apartments

sunterra-apartments

Summary: Acquired in January 2014, DVO invested $10.5 million in the acquisition and renovation of Sunterra Apartments, a 240-unit apartment community located in Oceanside, CA, the northern most county of San Diego. Over a 27-month hold period, during which 75% of the units were renovated, NOI grew by nearly 40%. DVO sold the asset in April of 2017, capturing a 41% value appreciation.

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Built in 1974, Sunterra benefits from being located at the top of a hill, which affords views of Oceanside as well as the Pacific Ocean in the distance, and boasts attractive amenities such as fitness center, resort style pool, Jacuzzi, sand volleyball court and controlled access entry.   Located in a highly sought-after area among young professionals and families due to its proximity to the largest concentration of employment and retail in North County and close proximity to the Pacific Ocean, the submarket’s tight rental market with 97% occupancy is also driven by a limited supply of apartments. Dated unit interiors and common areas resulted in below market rents relative to other non-renovated properties, and thus the property was well-positioned for increased value through unit renovations, exterior and common area improvements and implementation of an aggressive asset management program.   A unit interior program provided for upgraded appliances, countertops, floors, hardware, and various other upgrades. An additional $1.9 million worth of common area upgrades were performed, including an expanded leasing office, gym, and a new pool area.

Portofino Townhomes

portofino-townhomes

Summary: DVO acquired Portofino Townhomes in June 2013, investing $4.14 million into the transaction. The property is a 200-unit garden style apartment community located in Wilmington, CA, a neighborhood of southern Los Angeles. Over the 32-month hold period, during which 80% of the units have been renovated, NOI grew by nearly 38%. DVO sold the asset in February 2017, capturing a 21% value appreciation.

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Portofino was built in 1987, with many floor plans featuring highly marketable duplex apartments. The property is located within close proximity to Long Beach and the prestigious Palos Verdes Peninsula as well as major employment centers. A well-maintained property, Portofino was poised to capture increased value through select interior, exterior and common area upgrades and the implementation of an aggressive asset management program to bring rents in-line to market rate. The unit interior renovations included vinyl plank flooring, new lighting, quartz countertops and stainless steel appliances. An additional $2.22 million worth of common area upgrades were performed, including a new exterior paint scheme, upgraded common area amenities, and the rebranding of the property from Summerwind Townhomes to Portofino Townhomes. Since acquisition, DVO and its partners were able to increase average rents by approximately 21% and NOI more than 31%.

Santa Fe Ridge

santa-fe-ridge

Summary: Acquired in January 2016, DVO invested $13 million in the acquisition and renovation of Santa Fe Ridge Apartments, a 240-unit apartment community located in Silverdale, WA. As of September 2018, 92% of the units were renovated, and NOI has grown by nearly 42% since inception.

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Santa Fe Ridge was built in 1993, with the largest floor plans in the submarket averaging 1,100 square feet. The property is a distant commuter suburb of Seattle and is part of the prestigious Olympic Peninsula containing major employment centers. A well-maintained property, Santa Fe Ridge was poised to capture increased value through select interior, exterior and common area upgrades as well as the implementation of an aggressive asset management program to bring rents in-line with market. The unit interior renovations included vinyl plank flooring, new lighting, and laminate countertops, as well as a black appliance package. An additional $2.6 million worth of common area upgrades were performed, including a new exterior paint scheme and upgraded common area amenities. Since acquisition, DVO and its partners were able to increase average rents by approximately 30% and NOI by more than 40%.

Metro 77-85 Apartments

Metro-77-85-Apartments

Summary: Acquired in March 2017, DVO invested $7.4 million in the acquisition and renovation of Metro 77-85 Apartments, a 146-unit apartment community located in the city of San Leandro outside of Oakland, CA. As of September 2018, 84% of the units were renovated, with rents on renovated units having grown by more than 47%.

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Metro 77-85 Apartments was built in 1967 and is located within close proximity of a growing tech corridor, public transit, and an expanding Kaiser Permanente Medical Center. While the asset has been relatively well maintained, there is an opportunity to reposition and modernize the property through strategic interior and exterior renovations to create a best-in-class San Leandro community. The unit interior renovations include vinyl plank flooring, new vanities, quartz countertops, and an updated appliance package. An additional $1 million worth of common area upgrades were performed, including a new exterior paint scheme, upgraded common area amenities, and the rebranding of the property to Metro 77-85 Apartments. Since acquisition, DVO and its partners were able to increase average rents by 47%.

Treeline 604 Apartments

Treeline-604-Apartments

Summary: Acquired in June 2017, DVO invested $8.9 million in the acquisition and renovation of Treeline 604 Apartments, a 166-unit apartment community located in the city of Vancouver just outside of Portland, OR. As of September 2018, some 63% of the units have been renovated, increasing NOI by nearly 17%.

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Treeline 604 Apartments was built in 1987 and is centrally located off the Mill Plain corridor in the highly desirable Cascade Park submarket. Treeline 604 was poised to capture increased value through select interior, exterior and common area upgrades and the implementation of an aggressive asset management program to bring rents in-line with market. The unit interior renovations included vinyl plank flooring, resurfaced countertops, and updated stainless steel appliances. An additional $1.57 million worth of common area upgrades were performed, including upgraded common area amenities, a new exterior paint scheme, and the rebranding of the property to Treeline 604 Apartments. Since acquisition, DVO and its partners were able to increase average rents by more than 18% and NOI by nearly 17%.

Hunter’s Cove Apartments

Hunters-Cove-Apartments

Summary: Acquired in August 2018, DVO invested $13.2 million in the acquisition and renovation of Hunter’s Cove Apartments, a 220-unit apartment community located in the city of Federal Heights outside of Denver, CO.

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Hunter’s Cove Apartments was built in 1985 and is centrally located between prominent nearby demand generators, office parks, and entertainment destinations. Hunter’s Cove is well positioned to capture increased value through select interior, exterior and common area upgrades and the implementation of an aggressive asset management program in order to raise rents over 17%. The unit interior renovations included vinyl plank flooring, new Formica countertops, and updated stainless steel appliances. An additional $1.5 million worth of common area upgrades will be performed, including playground and dog park upgrades, and new signage and lighting.

The Croft Apartments

the-croft-apartments

Summary: Acquired August 2018, DVO invested $5.1 million in the acquisition and renovation of The Croft Apartments, a 138-unit apartment community located in southeast Denver, CO, a strong Denver infill neighborhood.

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The Croft Apartments was built in 1974 and is conveniently located to major employment centers, nearby demand generators, and entertainment destinations. The Seller had performed substantial capital improvements over the past several years, including a rebranding of the asset, a renovated clubhouse, and renovating 59% of the property with new flooring, black appliances, painted cabinets, resurfaced countertops, and upgrading lighting and fixtures. Increasing the renovation scope and completion of all units is expected to generate 15% rent increases. The unit interior renovations included vinyl plank flooring, new hard surface countertops, and updated stainless steel appliances. An additional $0.86 million worth of common area upgrades were performed, including new exterior paint schemes and a new dog park.