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.

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Class A Case Studies


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Los Altos • Dallas, TX

Purchased in October 2020

  • Occupancy: 89.44%
  • Average Rent: $1,474
  • Purchased at $62,600,000
  • Debt secured at 2.64% (fixed-rate) with an LTV of 63%.
  • Price per unit below replacement cost.
  • Five minutes from downtown Dallas. extensive redevelopment in area.
  • Property had existing rent concessions and lower rents than comparable.

Today

  • Occupancy: 96.6%
  • Average Rent: $1,680
  • Recent BOV: $80,000,000
  • Rebranding, minor repairs, and updates were performed upon closing.
  • Ineffective management was replaced with a Barvin partner,  then transitioned to in-house Barvin management.
  • Rent concessions burned off; rents raised to comparable with market

Returns

  • Average T12 Cash on Cash Return: 6.12%

  • Average CoC Return: 5.87%
  • Asset Appreciation: 27.8%

Sync at Perimeter • Atlanta, GA

Purchased in July 2019

  • Occupancy: 94.4%
  • Average Rent: $1,515
  • Purchased at $78,500,000
  • Assumed an existing fixed-rate loan at 3.6% interest and a starting LTV of approximately 50%.
  • Promising submarket with expanding commerce and high growth potential.
  • Existing rents significantly below those of comparable properties
  • Bought as (temporary?) moratorium on wood-framed apartments went in effect, limiting supply.

Today

  • Occupancy: 98.0%    
  • Average Rent: $1,753
  • Recent BOV: $120,000,000
  • Minor renovations and rebranding were completed by 1Q20.
  • 500,000 sqft State Farm Campus was constructed next door.

Returns

  • Average T12 Cash on Cash Return: 7.77%  Average CoC Return: 5.59%
  • Asset Appreciation: 52.8%
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Portfolio Case Studies


Oak Lawn Heights

Oak Lawn Heights • Dallas, TX

Purchased in 2011

  • Occupancy: 88%
  • Average Rent: $559
  • Refinanced in 2013
  • Equity Returned: 100%

Today

  • Occupancy: 98%
  • Average Rent: $984
  • Cash-on-Cash: 18.2%

Business Plan

Addressed deferred maintenance issues, emphasized property management strategies to drive leasing demand and occupancy. Aggressively retenanted resident profile creating a safer and inviting community. Improved property offerings with a new dog park, improved outdoor living area, leasing center, and business center.

  • Full interior renovations.

  • Improvements allowed property to stabilize and achieved a 15% rent premium in the first year.

  • Refinanced at end of renovations and returned equity.

Full Cycle Case Studies


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
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
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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
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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
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