Select Transactions
CROFT – Denver, CO
Croft Apartments was built in 1974 and acquired by DVO Real Estate in August of 2018. While the building was dated in terms of finishes and systems, structurally the concrete block mid-rise was in excellent condition and poised to capture increased value through a thorough renovation program. Denver’s overall market rent growth as well as the interior renovation program lead to 20% increases in both rents and NOI over the hold period.
PORTOFINO – Wilmington, CA
A well maintained asset, Portofino was built in 1987 and acquired by DVO Real Estate in June of 2013. The asset was poised to capture increased value through common area upgrades which included renovations to the pool area, BBQ and picnic area, leasing center and clubhouse, as well as unit interior upgrades. DVO Real Estate and its partners increased average rents by 32% and NOI by more than 27%.
TREELINE – Vancouver, WA
Treeline 604 was built in 1987 and was acquired by DVO Real Estate in June of 2017. The asset was well situated among an affluent renter base in a market where there was a shortage of access to affordable quality housing. Treeline 604 was poised to capture increased value through select interior, exterior and common area upgrades and the implementation of an aggressive asset management program to bring rents in-line with market. At disposition, DVO Real Estate and its partners increased average rents by more than 20% and NOI by 32%.
METRO 77-85 – San Leandro, CA
Metro 77-85 was built in 1967 and acquired by DVO Real Estate in March of 2017. The Seller owned the property for nearly 30 years, operating it with minimal vacancy and very few capital expenditures. The Sponsor rebranded the asset with new signage, modern paint schemes, upgraded pool, gym, and leasing offices, as well as performed substantial high end interior renovations. At disposition, DVO Real Estate and its partners increased average rents by nearly 63% and NOI by more than 78%.
AERO – Alameda, CA
Aero is a newly constructed Class-A mid-rise apartment community located just 20 minutes from San Francisco’s financial district. Part of a larger master-planned community, the development includes three four- story residential structures with a parking garage, ground floor retail, and class leading amenity spaces. Currently, both lease-up velocity and rents are in line with underwriting.
EDGE – Bayonne, NJ
Edge is a newly constructed Class-A mid-rise apartment community located within a Qualified Opportunity Zone in Bayonne, New Jersey. The asset is proximate to both the Hudson-Bergen Light Rail and upcoming Bayonne Ferry Terminal, providing residents with efficient commutes to Manhattan, Jersey City, and Newark but at discounted rental rates to those established markets. Amenities include a co-working space, fitness center, resident club room, on-site garage, landscaped rooftop deck, game room, barbecue grills, and on-site storage.