Your Success Is Our Success
TULSA, OK
Helping our clients succeed is our number one priority! Don't just take our word for it. See how Spherexx Optimze Revenue Management helped Creative Realty Partners to provide the best apartment pricing; while maximizing value and stabilizing all aspects of thier asset’s value through our apartment revenue management software.
Tree Top Apartments
Location: Grand Prairie, TX
Acquired: September 2020
Sold: 2022
Size: 128 Units
Profit: $7,584,722
Revenue Management: Spherexx Optimize
ACQUISITION & RENOVATION
Creative Realty Partners acquired Tree Top Apartments and allocated $1,237,500 to renovate the community. This budget included their initial financing. Improvements included both interior, amenity, and exterior upgrades and replacements. After 18-months, all capital improvements were completed along with a utility bill-back initiative that provided a 36% gain in total income. Rents were raised to market consecutively.
DISPOSITION
Tree Top Apartments sold in December 2022 with a profit of $7,584,722 which constitutes a 151% return on investment. With monthly Cash Flow After Debt Service the total return for cash-on-cash was greater than 174%.
Corey Place Apartments
Location: Grand Prairie, TX
Acquired: 2018
Sold: 2021
Size: 276 Units
Profit: $2,108,649
Revenue Management: Spherexx Optimize
ACQUISITON & RENOVATION
At acquisition, Creative Realty Partners established a $1,380,000 renovation budget that included their initial financing. Amenities, interiors, and exteriors received improvements, which finalized during the first 24 months as rents were raised to market. Rents were increased 26%, resulting in an increased valuation of $7,254,500.
DISPOSITION
Creative Partners sold the community with a profit of $2,108,649, resulting in a 132% return on investment. The Cash Flow After Debt Service was more than 142% for total ROI.
Heritage at Temple Terrace
Location: Temple Terrace, FL
Acquired: March 2019
Sold: January 2022
Size: 126 Units
Profit: $4,615,667
Revenue Management: Spherexx Optimize
ACQUISITION & RENOVATION
Creative Realty Partners began renovation of Heritage at Temple Terrace began with a budget of $982,800 that included the initial acquisition financing. Amenity, interior, and exterior replacements and improvements were made over 24-months while raising rents to market. Additionally, they increased the utility bill-back regimen that increased total income by 26% and resulting in a $9.05 million valuation gain.
DISPOSITION
A sales profit of $4,615,667 resulted in the purchase and improvements, representing a 196% ROI. Considering the monthly Cash Flow After Debt Service the total project ROI was over 200%.
The Planters Walk
Location: Jacksonville, FL
Acquired: February 2017
Sold: September 2020
Size: 216 Units
Profit: $2,600,000
Revenue Management: Spherexx Optimize
ACQUISITION & RENOVATION
The renovation for The Planters Walk began with a $400,000 budget that included the initial acquisition financing. Capital improvements for interior, exterior, and amenity replacements and upgrades were completed, and rents were raised to market while expenses were streamlined. The utility bill-back program was enhanced and contributed to the Net Operating Income by 45%.
DISPOSITION
The Planters Walk sold for a profit of $2,600,00, a 162% return on investment. Including the monthly Cash Flow After Debt Service, the total ROI was over a 173%.
The Fountains
Location: San Antonio, TX
Acquired: March 2018
Sold: December 2021
Size: 101 Units
Profit: $670,470
Revenue Management: Spherexx Optimize
CAPITAL IMPROVEMENTS
A $518,000 rehab budget (included in the initial acquisition financing) was allocated for interior, exterior, and amenity improvements. The capital improvements were completed within the first 24 months of ownership and facilitated raising rents to market. By increasing the rents by 19%, we were able to increase the value by $3,105,000.
DISPOSITION
At disposition, the property was fully marketed and generated a sales profit of $670,470, representing a 129% Sale ROI. The property sold in December of 2021. Including the monthly Cash Flow After Debt Service, the total project-level ROI was in excess of 131%.
Oaks of San Jose
Location: Jacksonville, FL
Acquired: February 2019
Sold: October 2021
Size: 200 Units
Profit: $6,017,000
Revenue Management: Spherexx Optimize
ACQUISITION & RENOVATION
The Oaks of San Jose was purchased with a $2,050,00 renovation budget, including the initial acquisition financing, for exterior, interior and amenity improvements. The renovation was completed in 18 months and substantiated raising rents to market prices. Rental rates were increase by 35% and valuation rose $5,972,460.
DISPOSITION
The apartment community sold with a sales profit of $6,017,000, a 231% return on investment. Including the Cash Flow After Debt Service by month, the ROI was greater than 234%.
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