Portfolio
The professionals who make up the On The Ball Group's investment team have been involved in a variety of projects around the country. They include:
Stonybrook Apartments
Oklahoma City , OK (2008)
- Purchase price: $2.8M
- Once leased, worth $9M+
- 206 units
- 8,479 s.f. retail space
- Purchased at 35% after repair value
- $6.1M HUD loan closing July 2009
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- Performed all due diligence tasks.
- Handled the closing of escrow and led the new-ownership transition team.
- Hired new management team.
- Managed the rehab of 50 down units with construction capital.
- Managed the property management team by requiring weekly reports and monthly meetings from the property manager as well as frequent visits to the property.
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Delujo Southwinds Apartments
Dallas, TX (2005)
- Purchase price: $3M
- 142 units
- 31 down units
- 60 vacant units at close
- 100 units needing mold remediation
- Extensive interior rehab needed
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- Performed all due diligence tasks.
- Handled the closing of escrow and led the new-ownership transition team.
- Hired new management team.
- Managed property to break-even point in 6 months with a conservative rehab budget and aggressive marketing campaign.
- Managed the rehab of 31 down units with construction capital.
- Managed the 100 “mold” units with monies derived from cashflow over a 12 month period.
- Managed the property management team by requiring weekly reports and monthly meetings from the property manager as well as frequent visits to the property.
- This 3 year project has been renovated, repositioned, and is now ready for resale.
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Parkwood Apartments / Leisure Manor
Durant, OK (2006) / Tulsa, OK (2006)
- Parkwood
- Purchase price $2.25M
- 80 units
- Leisure Manor
- Purchase price: $2.3M
- 90 units
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- Both Parkwood and Leisure Manor were concurrent closings involving the same team members/partners.
- Parkwood was given an exterior upgrade, re-tenanted with higher quality tenants. Rents were raised 12% and overall occupancy increased from 85% to 96% over 18 months. Today, the property is stabilized and is averaging 97% occupancy (92% economic occupancy) since January 2008.
- Leisure Manor’s gross monthly income when purchased was $35,500 per month. Today, the gross monthly income is over $41,000. Both properties were mismanaged by the previous owners. We performed a complete market study that showed that the rents were well under market levels. We also implemented a monthly tenant appreciation program that reduced tenant turnover by 25% on both properties.
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