National Asset Services Delivers Buyer for North Houston Multifamily Property
NAS has successfully delivered a buyer for Chartwell Court Apartments, a North Houston multifamily property on behalf of property investors in the 253,553 square foot, 243-unit complex.
The sale resulted in a 132% return of the initial investment, despite the property being in an area largely populated with tax credit properties. The NAS team leveraged its vast resources to identify the right buyer while working in tandem with Portico Property Management to achieve and maintain an above-market-occupancy-rate of over 90%, despite the tragic impact of COVID-19 on the marketplace. Senior managing director Ryan Epstein, senior director Jennifer Ray and associate director Scott Bray of Houston-based, Berkadia brokered the sales transaction on behalf of Chartwell Court Apartments Ownership.
The NAS executive team assumed asset management of the North Houston multifamily property in Spring of 2015. At that time, NAS immediately executed aggressive, multi-faceted, marketing and operations strategy to reduce a high rate of rent delinquency and increase occupancy levels, while creating a better living experience by addressing deferred maintenance issues.
In 2017, NAS’ strategic management execution, along with the company’s strong reputation for closing, were key factors in securing a capital source for refinancing the 20 Co-Owner tenants-in-common (TIC) multifamily property, preserving the co-owners original 1031 Exchange benefits and options; a highly unusual event that reinforced NAS’ ability to leverage its strong industry relationships.
“The Chartwell Investor Committee highly recommends Karen E. Kennedy and her team to any investor who wants a trusted partner that treats your investment like their own,” commented Paul Balas, an investor in Chartwell Court Apartments and a member of the property’s governance committee.
“Our ability to quickly turn around an underperforming property, while leveraging our strong industry relationships, made the possibility of refinancing a large, tenants-in-common property a reality in 2017 and then, in turn, finding a buyer in a year of unprecedented uncertainty caused by the pandemic,” commented Karen E. Kennedy, President and Founder of National Asset Services and NAS Investment Solutions. “The end result was the best possible outcome for our clients invested in Chartwell Court Apartments.
Originally built in 1995, Chartwell Court Apartments is located about two miles west of Interstate-45 and approximately 17 miles north of downtown Houston. The apartment community is a complex of 20, two-story buildings, a leasing office and clubhouse. All units have an attached garage and community amenities consist of a fitness center, business center, cyber cafe and coffee bar. There is a resort-style pool with an outdoor grill.