Fund Acquisitions

Duval Villa Apartments - Austin, TX

East 23rd
Property Duval Villa Apartments
Description Duval is a garden style student housing community, comprised of 112 units set on almost 3 acres of prime central land. The property consisting of over 106,000 sq. ft. of rentable space is situated in the Historic Hyde Park/North Campus area, one of the most desired parts of the Austin community. Thirteen mostly connected, three-story buildings make up this gated community comprised of predominantly two bedroom units with an overall average unit size of 953 +/- square feet of living space.
Date Purchased Date Purchased – May 15, 2009
Condition at time of Purchase Mismanaged. A new roof, as well as a great deal of deferred maintenance was needed. Antiquated website, unmotivated personnel, antiquated Internet service with no Wi-Fi and all units were in need of modern upgrades.
Repositioning - In Progress New roof installed. Created a new modern interactive website (duvalvillapartments.com), converted one of the two laundry rooms to a new fully equipped fitness center. Performed all required deferred maintenance. Installed snack and beverage machines. Purchased new state of the art Internet equipment (payback over 3 years), and new laundry equipment (payback over two years). Decreased various operating expenses. Renovated and created a beautiful model apartment. Upgraded 25 units, re-renting them at significantly higher rents. Created a Unit Condition Report and Tenant Profile for each unit and occupant. Replaced existing personnel with two new highly motivated employees.

While Duval has been generally well maintained and has beautiful interior courtyards and a sparkling pool area, the inside of the units have not undergone significant upgrades for many years. Our plan to acquire Duval was based in part, on our belief that current rents could be increased by upgrading the Units, resulting in both greater cash flow and property value. We are on the way to achieving those goals.

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Contact Info

Rolling Cash Equity Group
1430 Broadway - 14th floor
New York, N.Y. 10018
Tel: 646-519-8490
Fax: 646-519-8494
info@rollingcashequity.com