Learn About Our Multi-Family Housing Developments
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.
Communities and Accomplishments
Pardue Street (165 Units) – Took over the management 3/1/02. Submitted budget to market rent increase 4/1/02. Rent increase of $46,044 annually ($23.25/pupm) approved effective 7/1/02. REAC Inspection of 51 increased to 73 in 1/03. 36 vacant units (26 boarded up) occupancy today is 100%.
Ujima Village (36 Units Section 202 Elderly) – Took over the management on 6/1/02. Submitted budget-driven rent increase 9/1/02. Rent increase of $6,480 annually ($15/pupm) approved effective 1/1/03. The property achieved 100% Occupancy 1/04 for the first time ever in the history of the property.
Beacon Light (108 units) – Took over management 12/16/02. Submitted budget to market rent increase 12/19/02. Rent increase of $56,208 ($43.37/pupm) annually approved effective 2/1/03.
Beacon Pointe (104 units) – Took over management effective 1/9/03. Submitted budget-driven rent increase 2/1/03. Rent increase of $86,208 ($69.08/pupm) annually approved effective 5/1/03. REAC Inspection increased from 40 to 70 in July 2003. Management review improved from unsatisfactory to satisfactory in November 2003.
Gee Corbett (38 Units Section 202 Elderly) – Took over the management 1/9/03. Submitted a budget-driven rent increase 10/1/03. Rent increase of $47,448 ($104.05/pupm) annually approved effective 1/1/04. Submitted refinance package in 2007 to rehab the property, received funds of $306,000 for property improvements. We also were able to reduce the interest rate in 2015 from 5.5% to 3.7% producing monthly savings of $1,453/Mo or $17,436/Yr.
Easley (40 units Section 202 Elderly) – Took over management 5/1/03. Prepared and submitted an A-7 Refinance package reducing the interest rate on the mortgage from 7.5% to 5.45% and annual debt service savings of $9,528. Capital improvements of $172,000 were made with the refinancing. Cash Flow 1/1-4/30/03 -$942.00, 5/1-12/31/03 - $37,357.00. Then in 2015, we submitted a 223(f) refinance package reducing the interest rate from 5.82% to 3.87%, producing a cash distribution to the owner of over $550,000. In 2020 we refinanced the property again and got the interest rate lowered to 2.65% while doing $123,000 in repairs and $174,000 into the replacement for the reserve account.
McDuffie Village (50 Units) – Took over the management 5/1/03. Submitted budget to market rent increase 5/15/03. Rent increase of $19,440 ($32.40) annually approved effective 7/1/03.
Ramblewood (96 Units) – Took over the management 11/25/03. Submitted budget to market rent increase 12/10/03. Rent increase of $92,352 ($80.17/pupm) annually approved effective 2/1/04.
Lakeview Village (40 units Section 8 Family) – Took over the management 10/15/04. Submitted budget rent increase on 6/1/05. Rent increase of $82,032 ($170.90/pupm) annually approved effective 10/2/05. Refinanced the property in 2015, producing a $600,000 distribution to the owners without increasing the monthly mortgage payment.
Greenleaf Grace Village (41 Units Section 202 Elderly) – Took over the management 2/1/05. Submitted budget to market rent increase 1/1/05. Rent increase of $25,092 ($51/pupm) annually approved effective 3/1/05. The property had over $15,000 accounts payable, which we were able to reduce to ZERO by year-end 2005.
St. James Plaza (40 Units Section 202 Elderly) – Took over the management 2/1/05. Submitted budget to market rent increase 2/1/05. Rent increase of $32,160 ($67/pupm) annually approved effective 3/1/05. At takeover, the property had over $32,000 in accounts payable, which we were able to reduce to ZERO by year-end 2005.
St. John Housing (40 Units Section 202 Elderly) – Took over the management 2/1/05. Submitted budget to market rent increase 3/1/05. Rent increase of $76,464 ($177/pupm) annually approved effective 2/1/04. At takeover, the property had over $43,000 in accounts payable, which we were able to reduce to ZERO by year-end 2005.
Sandy Run Apartments I & II (152 Units) – Took over the management 9/1/05. Submitted budget to market rent increase 9/1/05 & 5/1/2009. Rent increase of $677,340 ($371/pupm) annually approved effective 10/1/05 & 7/1/09. Prepared Refinance package reducing the interest rate on the mortgage from 8.5% to 5.8%. With the refinance, the property was completely renovated at a cost of $4,873,018.
Desoto Square Apartments (32 Units Section 202 Elderly) – Took over the management 1/1/07. Submitted a Refinance package to HUD, which produced $155,000 to be spent on property renovations. We also were able to reduce the Interest rate from 9.25% to 5.82%, all while reducing the Monthly Mortgage Payment by $1,802/Mo or $21,624/Yr. We also were able to reduce the interest rate again in 2015 from 5.82% to 4.09% for an additional monthly savings of $1,159/Mo or $13,908/Yr. Just received a 96B REAC Score in May 2019. In April of 2021, we were able to reduce the interest rate even further to 3.15%. With the debt service savings, we were able to put a pavilion in for the tenants, awning, grills, and remodeled the rental office, installed a French drainage system across the entire property, installed plastic railings along walkways, upgraded laundry equipment, new sidewalks, and other cap ex items. The Reserve for Replacement balance when we took over the management was $47,000, as of 12/2021, we have $154,193.
Courtyard Apartments (160 Units) – Acquired and took over the management 8/15/07. Prepared HUD 221(d) 4 loan to HUD for completed renovation. Initially closed on December 31, 2008, renovations of over 5,000,000 began the next day. Also secured a $39,000/month ($468,000 annually) rent increase. We sold the property in October 2013 for $9,500,000 for a profit of over $2 million.
Alpha Arms Apartments (104 Units) – Took over the management 12/1/09. Submitted budget to market rent increase 2/28/2011. Rent increase of $219,816 ($176/pupm) annually approved effective 4/1/201. Prepared Refinance package reducing the interest rate on the mortgage from 8.5% to 5.8%. With the refinance, the property was completely renovated at a cost of $5,126,900.
Dalewood Estate (50 Units) – Took over management 1/24/22, secured a rent increase of 6%, and was able to mitigate any outstanding HUD enforcement issues. Currently working to get the property current with all audits and stabilized.
Cordova Park (80 Units) – PSA signed 2-27-22
Warrior River Phase I & II (64 units) – PSA signed 2-27-22
Total Initial Rent Increases of $1,342,741 annually, 46.9%, $116.49 per unit per month.
Total Refinancing Activities providing Capital Improvements of $13,063,198, or $24,835/Unit.
BRD Conventional Accomplishments
Cross Creek (122 units) – Maintained occupancy of over 95% and assisted the owners with refinancing the 221d(4) loan producing a monthly debt service savings of $10,362 or $124,338 annually. Property sold in May 2004 for a profit of over $2 million.
Crown Ridge (168 units) – Took over management 7/1/02, delinquencies were over $30,000, or 26% of the monthly rent, occupancy was 86%, and operating expenses were $5,183 per unit. Today delinquent rent is $974 or .7% of the monthly rent, occupancy has averaged 93%, and Operating Expenses are $3,190 per unit.
Cypress Pond (264 units) – As developers, construction was completed in May 2005. This is a luxury Class-A, 221d(4) FHA-insured property. Property sold in November of 2005 for a profit of over $8 million.
Heritage Apartments (143 units) – Took over the management on October 1, 2003. Converted to sub-metered water/sewer with no reduction in rent for a savings of $111,633 annually @ 95% occupancy. Redirected marketing efforts moving in 12 residents in November and December 2003 with only 25% short-term leases, compared to 13 move-ins in the prime leasing months of August and September with 62% short-term leases.
Puller Place (240 units) – As developers, this property completed construction on 10/06. This is a luxury Class-A, 221d(4) FHA-insured property. We have been able to increase rents on average by $73/month with an average occupancy of over 97% for 2008. Cash flow distributions to investors have averaged over $46,000 per month for the 1st Quarter of 2009. Based on the initial investment, our investors are enjoying a 40% cash-on-cash return. Refinanced the property in 2020 and produced annual savings of $50k a year while also increasing the replacement for reserve account from $246K to $905K.
Sedgefield Square (124 units) – Took over management on 4/1/02, annual operating expenses were $3,909, reduced to $2,823, and then the property was able to be sold for a profit.
The Summit @ Cross Creek (128 units) – Took over management on 3/17/02 at 4.5%. In September 2002, owners increased our fee to 5% based on our performance. Refinanced in May 2004. Property sold in August of 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%.
The Grand on Julian (240 units) – As developers, this property began construction in June 2008. This is a luxury Class-A, 221d(4) FHA-insured property. Construction was completed in 2010. In 2015 we refinanced the mortgage, reducing rate from 5.95% to 3.6%, producing a monthly interest savings of $35,078 or $420,936 annually. 2020 refinanced from 3.6% to 2.42%, also become a green energy efficient property reducing MIP cost. Producing cash out of $1.8 million while also increasing the replacement reserve account and maintaining surplus cash of over $600,000 annually.
The Grand on Julian Phase II (212 units) – Currently pursuing a 221d(4) through HUD as developers and hope to start to construct in August 2022.
The Grand in Kannapolis (240 units) – As developers, this property began construction in February 2009. This is a luxury Class-A, 221d(4) FHA-insured property. Construction was completed in 2011, and occupancy was stabilized by year-end at 95%. We were able to position 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) – As developers, we are pursuing a 221d(4) loan through HUD; this project should start construction in 2022
Summerfield Apartments (20 units) – Took over management in April of 2021. Within one month of operations, BRD boosted rents from an average of $820/unit to $1050/unit, which netted an additional $4600 a month in rental income. Rehab started in July of 2021, which consisted of new flooring, new cabinets and countertops, refinished tubs, and updated electrical outlets and miscellaneous items.