---
title: Case Studies
---

[![Barvin - Building Communities](https://invest.barvin.com/hs-fs/hubfs/Barvin%20Logo.png?width=470&height=130&name=Barvin%20Logo.png "Barvin - Building Communities")](https://www.barvin.com)

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- [Case Studies](https://invest.barvin.com/case-studies)
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- [Insights](https://invest.barvin.com/blog)

# Case Studies

### Barvin has invested in the success of many properties throughout Texas and the southwestern and southeastern US. From investment to renovation to realization, we have established a set of guiding principles and unique processes that expertly position our acquisitions for prosperity.

### The below case studies include our value add portfolio. Barvin transitioned to a core/core plus acquisition and ground up development strategy in 2018 following the compression in cap rates across different asset classes.

[CONTACT US TODAY](https://invest.barvin.com/contact-us?hsLang=en)

## Full Cycle Case Studies

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## The Reserve at Windmill Lakes • Houston, TX

Purchased in 2012

- Occupancy: 95%
- Average Rent: $744
- The property was experiencing high rent delinquency and turnover

Stabilized

- Occupancy: 97%
- Average Rent: $840
- Turned over property’s resident base to reduce delinquencies
- Spent approximately $4M to repair and renovate exterior and interior of property

Returns

- Refinanced in 2014
- Equity Returned: 60%
- IRR: 87.1%
- Cash-on-Cash: 23.0%

Sold in 2015

![The Reserve at Windmill Lakes](https://invest.barvin.com/hubfs/img_case_study_0002_reserve%20windmill.jpg "The Reserve at Windmill Lakes")

![Country Club Place](https://invest.barvin.com/hubfs/img_case_study_0000_Layer%201.jpg "Country Club Place")

## Country Club Place • Houston, TX

Purchased in 2013

- Occupancy: 10%
- Average Rent: $500
- Property was nearly vacant
- Only one out of five buildings was habitable

Sold in 2019

- Occupancy: 92%
- Average Rent: $771
- Spent approximately $7.5M to bring the rest of the buildings back on line and renovated exterior and interior of property

Returns

- Refinanced in 2017
- Equity Returned: 40%
- IRR: 30.3%
- Cash-on-Cash: 16.6%

## The Ellis • Houston, TX

Purchased in October 2017

- Occupancy: 84.7%
- Average Rent: $698
- Extensive renovations began just three weeks after closing.
- Purchased at $13,250,000.
- Previous property owner neglected residents and repairs, leading to high turnover.  There was also a significant amount of crime at the property.

Sold in October 2021

- Occupancy: 94%
- Average Rent: $869
- Property was sold for $26,000,000
- Renovations allowed rents to be  
  substantially increased.
- Additionally, lower  
  bad debt, and lower concessions drove  
  increased value.

Returns

- IRR: 26%
- Achieved Equity Multiple: 2.5x
- Equity Raised: $5,800,000
- Total Realized Value: $14,391,053

![ellis-logo](https://invest.barvin.com/hubfs/ellis-logo.jpg "ellis-logo")

![ellis-1](https://invest.barvin.com/hubfs/ellis-1.jpg "ellis-1")

![alora-logo](https://invest.barvin.com/hubfs/alora-logo.png "alora-logo")

![alora-1](https://invest.barvin.com/hubfs/alora-1.jpg "alora-1")

## The Alora • Houston, TX

### Purchased November 2012

- Occupancy: 81.3%
- Average Rent: $596
- Purchased at $7,250,000
- Built in 1973. Poorly maintained, poorly  
  managed. Centrally located.
- Property had a reputation for minor  
  criminal activity.
- Staff was unresponsive to needs of the  
  residents. Some staff found to have been  
  stealing from the property.
- Extensive renovations commenced upon  
  purchase.

### Sold December 2021

- Occupancy: 92.8%
- Average Rent: $988
- Property was sold for $36,000,000
- Strategy of complete rehab of property  
  itself as well as property reputation.
- An experienced Barvin manager assigned  
  to the property. Problem residents asked to  
  vacate. Property restaffed.
- Property transitioned from utilities  
  included to a RUBS allocation program.  
  IRR: 39%

### Returns

- Achieved Equity Multiple: 8.4x
- Equity Raised: $3,500,00
- Total Realized Value: $29,274,927

![redwood-gardens-logo](https://invest.barvin.com/hs-fs/hubfs/redwood-gardens-logo.jpg?width=542&height=300&name=redwood-gardens-logo.jpg "redwood-gardens-logo")

![redwood-gardens-inside](https://invest.barvin.com/hubfs/redwood-gardens-inside.jpg "redwood-gardens-inside")

## Redwood Gardens • Houston, TX

### Purchased in October 2017

- Occupancy: 90.6%
- Average Rent: $550
- Purchased at $8,750,000
- Property in a state of disrepair
- Issues surrounding timely payment of rents, criminal activity on the apartment grounds, and residents disregarding communal space & property cleanliness.

### Sold in October 2021

- Occupancy:  93.9%
- Average Rent: $796
- Property was sold for $15,500,000
- Resolved staffing issues by utilizing seasoned Barvin managers and staff from a neighboring property.
- Evicted non-paying tenants and criminal elements. Reset resident expectations involving timely rent payments and property cleanliness.
- New, designer-created branding and paint scheme created additional value.

### Returns

- IRR: 27%
- Achieved Equity Multiple: 2.5x
- Equity Raised: $3,150,000
- Total Realized Value: $7,805,589

![111-w-davis-st-dallas-tx-75208-2-High-Res-30](https://invest.barvin.com/hubfs/111-w-davis-st-dallas-tx-75208-2-High-Res-30.jpg "111-w-davis-st-dallas-tx-75208-2-High-Res-30")

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#### Insights

- [Projected Impact of COVID-19 on the Multifamily Market](https://invest.barvin.com/blog/projected-impact-of-covid-19-on-the-multifamily-market)
- [Multifamily Investment Opportunities in the Age of COVID and Beyond](https://invest.barvin.com/blog/multifamily-trends-and-investment-opportunities-in-covid-and-beyond)
- [Q2 2020 Updates and the the Multifamily Market Outlook](https://invest.barvin.com/blog/q2-2020-multifamily-market-updates)
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