Regardless if your community is conventional, section 8 elderly, or tax credit housing, we have the experience to make your property perform its best and develop a successful community.
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Total initial rent increases of $1,342,741 annually (46.9%, $116.49 per unit per month). Total refinancing activity provided capital improvements of $13,063,198, or $24,835 per unit.
Pardue Street (165 Units)
When BRD took over management in March 2002, the property had 36 vacant units, 26 of which were boarded up. Within a month, we submitted a budget for a market rent increase, which was approved effective July 2002 at $46,044 annually ($23.25 per unit, per month). A REAC inspection score improved from 51 to 73 by January 2003. The property is now at 100% occupancy..
Ujima Village (36 Units, Section 202 Senior) BRD took over management in June 2002 and submitted a budget-driven rent increase within three months. The increase, $6,480 annually ($15 per unit, per month), was approved effective January 2003. By January 2004, the property reached 100% occupancy for the first time in its history.
Beacon Light (108 Units)
BRD took over management in December 2002 and submitted a market rent increase within days. The increase, $56,208 annually ($43.37 per unit, per month), was approved effective February 2003.
Beacon Pointe (104 Units)
BRD took over management in January 2003 and submitted a budget-driven rent increase within a month. The increase, $86,208 annually ($69.08 per unit, per month), was approved effective May 2003. A REAC inspection score improved from 40 to 70 by July 2003, and the property’s management review improved from unsatisfactory to satisfactory by November 2003.
Gee Corbett (38 Units, Section 202 Senior) BRD took over management in January 2003 and submitted a budget-driven rent increase later that year. The increase, $47,448 annually ($104.05 per unit, per month), was approved effective January 2004. In 2007, we submitted a refinance package that secured $306,000 in funding for property improvements. In 2015, we further reduced the property’s interest rate from 5.5% to 3.7%, producing monthly savings of $1,453 ($17,436 annually).
Easley (40 Units, Section 202 Senior)
BRD took over management in May 2003 and prepared an A-7 refinance package that reduced the mortgage interest rate from 7.5% to 5.45%, producing annual debt service savings of $9,528 and $172,000 in capital improvements. Cash flow improved from a loss of $942 in the first four months under new management to a gain of $37,357 over the remainder of the year. In 2015, we submitted a 223(f) refinance package that further reduced the interest rate to 3.87%, producing a cash distribution to the owner of over $550,000. In 2020, we refinanced again, lowering the interest rate to 2.65% while completing $123,000 in repairs and contributing $174,000 to the replacement reserve account.
McDuffie Village (50 Units)
BRD took over management in May 2003 and submitted a market rent increase within two weeks. The increase, $19,440 annually ($32.40 per unit, per month), was approved effective July 2003.
Ramblewood (96 Units)
BRD took over management in November 2003 and submitted a market rent increase within two weeks. The increase, $92,352 annually ($80.17 per unit, per month), was approved effective February 2004.
Lakeview Village (40 Units, Section 8 Family) BRD took over management in October 2004 and submitted a budget rent increase the following year. The increase, $82,032 annually ($170.90 per unit, per month), was approved effective October 2005. In 2015, we refinanced the property, producing a $600,000 distribution to the owners with no increase to the monthly mortgage payment.
Greenleaf Grace Village (41 Units, Section 202 Senior) BRD took over management in February 2005. We submitted a market rent increase that was approved effective March 2005, adding $25,092 annually ($51 per unit, per month). At the time of takeover, the property had over $15,000 in accounts payable; by year-end 2005, we reduced that balance to zero.
St. James Plaza (40 Units, Section 202 Senior) BRD took over management in February 2005 and submitted a market rent increase the same month. The increase, $32,160 annually ($67 per unit, per month), was approved effective March 2005. At the time of takeover, the property had over $32,000 in accounts payable; by year-end 2005, we reduced that balance to zero.
St. John Housing (40 Units, Section 202 Senior) BRD took over management in February 2005 and submitted a market rent increase the following month. The increase, $76,464 annually ($177 per unit, per month), was approved effective [date needs verification — see note below]. At the time of takeover, the property had over $43,000 in accounts payable; by year-end 2005, we reduced that balance to zero.
Sandy Run Apartments I & II (152 Units) BRD took over management in September 2005 and submitted market rent increases in both September 2005 and May 2009, approved effective October 2005 and July 2009 respectively, together adding $677,340 annually ($371 per unit, per month). We also prepared a refinance package that reduced the mortgage interest rate from 8.5% to 5.8%, funding a complete renovation of the property at a cost of $4,873,018.
Desoto Square Apartments (32 Units, Section 202 Senior) BRD took over management in January 2007 and submitted a refinance package to HUD, producing $155,000 for property renovations while reducing the interest rate from 9.25% to 5.82%, cutting the monthly mortgage payment by $1,802 ($21,624 annually). We reduced the interest rate again in 2015 to 4.09%, for an additional $1,159 in monthly savings ($13,908 annually), and again in 2021 to 3.15%. The debt service savings from these refinances funded a resident pavilion, awning, grills, a remodeled rental office, a French drainage system across the property, plastic walkway railings, upgraded laundry equipment, new sidewalks, and other capital improvements. The property received a 96B REAC score in May 2019. The Reserve for Replacement balance, which stood at $47,000 at takeover, had grown to $154,193 by December 2021.
Courtyard Apartments (160 Units) BRD acquired and took over management of Courtyard Apartments in August 2007. We prepared a HUD 221(d)(4) loan for a full renovation, which closed on December 31, 2008; renovations exceeding $5,000,000 began the following day. We also secured a rent increase of $39,000 per month ($468,000 annually). The property sold in October 2013 for $9,500,000, a profit of over $2 million.
Alpha Arms Apartments (104 Units)
BRD took over management in December 2009 and submitted a market rent increase in February 2011. The increase, $219,816 annually ($176 per unit, per month), was approved effective April 2011 [confirming year below]. We also prepared a refinance package that reduced the mortgage interest rate from 8.5% to 5.8%, funding a complete renovation of the property at a cost of $5,126,900.
Dalewood Estate (50 Units)
BRD took over management in January 2022, secured a 6% rent increase, and resolved outstanding HUD enforcement issues. We’re currently working to bring the property current on all audits and fully stabilized.
Cordova Park (80 Units)
Purchase and Sale Agreement signed February 2022.
Warrior River Phase I & II (64 Units)
Purchase and Sale Agreement signed February 2022.
Results from our market-rate portfolio, including refinancing, occupancy, and sale outcomes.
Cross Creek (122 Units)
BRD maintained occupancy above 95% and helped the owners refinance their HUD-insured 221(d)(4) loan, producing monthly debt service savings of $10,362 ($124,338 annually). The property sold in May 2004 for a profit of over $2 million.
Crown Ridge (168 Units)
When BRD took over management in July 2002, delinquencies stood at over $30,000, or 26% of monthly rent, occupancy was 86%, and operating expenses were $5,183 per unit. Today, delinquent rent is down to $974 (0.7% of monthly rent), occupancy has averaged 93%, and operating expenses have dropped to $3,190 per unit.
Cypress Pond (264 Units)
BRD served as developer for this luxury Class-A, 221(d)(4) FHA-insured property, with construction completed in May 2005. The property sold in November 2005 for a profit of over $8 million.
Heritage Apartments (143 Units) BRD took over management on October 1, 2003. We converted the property to sub-metered water and sewer billing with no reduction in rent, producing savings of $111,633 annually at 95% occupancy. We also redirected marketing efforts, moving in 12 residents in November and December 2003 with only 25% on short-term leases, an improvement over the prior August and September, the prime leasing months, which saw 13 move-ins but 62% on short-term leases.
Puller Place (240 Units) BRD served as developer for this luxury Class-A, 221(d)(4) FHA-insured property, completed in October 2006. Since then, we’ve increased rents by an average of $73 per month while maintaining occupancy above 97% through 2008. Cash flow distributions to investors averaged over $46,000 per month in the first quarter of 2009, giving investors a 40% cash-on-cash return based on their initial investment. In 2020, we refinanced the property, producing $50,000 in annual savings while increasing the Reserve for Replacement account from $246,000 to $905,000.
Sedgefield Square (124 Units)
BRD took over management in April 2002. Annual operating expenses were reduced from $3,909 to $2,823 per unit, after which the property was sold for a profit.
The Summit @ Cross Creek (128 Units)
BRD took over management in March 2002 at a 4.5% management fee. Based on our performance, the owners increased that fee to 5% by September 2002. We refinanced the property in May 2004, and it sold in August 2004 for a profit of over $2 million.
Princeton Terrace (144 units) – Took over management 10/1/04, assisted the owner in refinancing the property for a savings of over $10,000/month. Reduced operating expenses from $3,800 PUPA to $3,100 PUPA and increased occupancy from 89% to 99%.Princeton Terrace (144 Units)
BRD took over management in October 2004 and assisted the owner in refinancing the property for savings of over $10,000 per month. We reduced operating expenses from $3,800 to $3,100 per unit annually and increased occupancy from 89% to 99%.
The Grand on Julian (240 Units) BRD served as developer for this luxury Class-A, 221(d)(4) FHA-insured property, with construction beginning in June 2008 and completed in 2010. In 2015, we refinanced the mortgage, reducing the interest rate from 5.95% to 3.6%, for monthly savings of $35,078 ($420,936 annually). In 2020, we refinanced again, from 3.6% to 2.42%, and converted the property to green, energy-efficient standards, reducing MIP costs. That refinance produced $1.8 million in cash out while also increasing the replacement reserve account and maintaining annual surplus cash of over $600,000.
The Grand on Julian Phase II (212 Units)
BRD is currently pursuing a 221(d)(4) loan through HUD as developer, with construction anticipated to begin in August 2022.
The Grand in Kannapolis (240 Units)
BRD served as developer for this luxury Class-A, 221(d)(4) FHA-insured property, with construction beginning in February 2009 and completed in 2011; occupancy stabilized at 95% by year-end. We positioned the property for sale, and it sold in February 2014 for $28 million, $5 million over the mortgage balance.
The Grand in Hayesville (100 Units)
BRD is pursuing a 221(d)(4) loan through HUD as developer, with construction anticipated to begin in 2022.
Summerfield Apartments (20 Units)
BRD took over management in April 2021. Within one month, we increased average rents from $820 to $1,050 per unit, adding $4,600 in monthly rental income. Renovations began in July 2021, including new flooring, cabinets, countertops, refinished tubs, updated electrical outlets, and other property improvements.
Ready to maximize the value of your multifamily portfolio? Our team is standing by to provide the expert management and strategic oversight your assets deserve. Reach out today to start the conversation.
Myrtle Beach, South Carolina
info@gobrd.com
(336) 644-1262
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