Multifamily TIC Investors Receive 195% of Equity
Multifamily TIC investors realized a cash distribution of greater than 5% for seven straight years.
National Asset Services (NAS), one of the Nation’s leading commercial real estate companies has successfully delivered 195% of original equity to multifamily TIC investors in the Reserve at Charles Place, a multifamily property in Plano, Texas. Under the leadership of NAS, which assumed asset management responsibility for the property in 2009, the 31-member group of multifamily TIC investors realized a cash distribution of greater than 5% for seven straight years. The investment culminated with the recent sale of the property that produced a considerable return on investment. The TIC group originally acquired the Class-A property in May 2006.
NAS delivered a consistently positive cash flow to multifamily investors, due to aggressive leasing and operating expense savings, while still maintaining a high quality living experience for residents. Company executives oversaw an operation that maintained an occupancy level of above 95% with effective rental rates lower than competing properties in the market.
“The return on investment that we achieved on behalf of The Reserve at Charles Place multifamily TIC investors is a direct result of our ability to generate positive cash flows from long range, proactive management strategies executed at a high level on a daily basis,” commented Karen E. Kennedy, President and Founder of National Asset Services. “This is yet another NAS success story about our clients invested in a tenant-in-common property and our expertise in asset preservation that delivers a property with tremendous upside potential to the buyer.”
The Reserve at Charles Place is a 343,448 foot, Class-A apartment community comprised of 264 units located 20 miles northeast of Dallas, Texas, in one of the fastest growing markets in the Dallas / Ft. Worth market area. Built in 1998, the gated community consists of a variety of unique floor plans ranging from one-to-four-bedroom units, and has an average unit size of 1,301 square feet. The property features a diverse amenity package including a fully-equipped, 24-hour fitness center, playground, picnic area with BBQ grills, jogging trail, business center, clubhouse, two playgrounds, billiards room, theater area and lounge, detached garages and an on-site laundry facility.