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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The Reserve at Windmill Lakes • Houston, TX

Purchased in 2012
Occupancy: 95%
Average Rent: $744
-The property was experiencing high rent delinquency and turnover

Refinanced in 2014
Equity Returned: 60%

Sold in 2015
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

IRR: 87.1%
Cash-on-Cash: 23.0%

The Reserve at Windmill Lakes
Oak Lawn Heights

Oak Lawn Heights • Dallas, TX

Purchased in 2011
Occupancy: 88%
Average Rent: $559

Refinanced in 2013
Equity Returned: 100%

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.

Park at Voss • Houston, TX

Purchased in 2013
Occupancy: 97%
Average Rent: $808

Supplemental Loan in 2017
Equity Returned: 20%

Occupancy: 95%
Average Rent: $972

Cash-on-Cash: 12.8%

Business Plan: Addressed deferred maintenance issues (exterior paint, landscaping, resurfaced and repaired tennis courts, new signage), improved common area amenities (renovated convenience store, added new laundry machines, refurbished leasing center, fitness center, and business center), fully renovated unit interiors and achieved an 18% return on cost.

Park at Voss Building M
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

Refinanced in 2017
Equity Returned: 40%

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

IRR: 30.3%
Cash-on-Cash: 16.6%

The Alora • Houston, TX

Purchased in 2012
Occupancy: 81%
Average Rent: $588

Refinanced in 2015
Equity Returned: 100%

Occupancy: 88%
Average Rent: $936

Cash-on-Cash: 22.5%

Business Plan: Addressed major deferred maintenance issues (repaired pool and brought back on line, replaced 28 roofs, painted entire property, repaved parking lot, brought all down units back on line), renovated leasing office, business center, fitness center, installed playground, and renovated 100% of units and achieved 21% return on cost. Refinanced post renovation and returned all equity.

The Alora Entrance

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