Hayman Properties purchased Ryan’s Pointe, in Houston, Texas, in June of 2011. The property was acquired as a “Value Add” opportunity. At that time, the mutli-family property was a C+ quality asset in an A- location. It had significant deferred maintenance, occupancy of just 82% and an extremely challenging tenant profile.
The Hayman Properties team recognized the repositioning potential in Ryan’s Pointe and committed to an overall re-branding and asset makeover program. Advantage Property Management, a Hayman Properties sister company, took control of onsite, day-to-day responsibilities of repositioning the asset and turning around its operations.
By August, 2012, Ryan’s Pointe was re-branded as “Terra”. Most common areas within the multifamily property were successfully re-imagined and renovated:
New landscaping was used with great success and added to Terra’s curb appeal. As units became available, many apartments were upgraded with higher grade appliances & finishes. These tenant upgrades, along with the experienced Advantage Property Management team, proved successful in raising the tenant profile.
* Case Studies on Properties (financial data provided as of Q1-2015)
** The property was acquired in June of 2011. Figures shown are per that period.