Accomplishments
MBA Assisted Housing Accomplishments
  • Alpha Arms

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    More information to come.

  • Pardue Street

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    (165 Units) Took over the Management 3/1/02. Submitted budget to market rent increase 4/1/02. Rent increase of $46,044 annually ($23.25/pupm) approved effective 7/1/02. REAC Inspection of 51 increased to 73 in 1/03. 36 vacant units (26 boarded up) occupancy today is 100%.

  • Ujima Village

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    (36 Units Section 202 Elderly) Took over the management 6/1/02. Submitted budget driven rent increase 9/1/02. Rent increase of $6,480 annually ($15/pupm) approved effective 1/1/03. Property achieved 100% Occupancy 1/04 for the first time ever in the history of the property.

  • Beacon Light

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    (108 units) Took over management 12/16/02. Submitted Budget to Market Rent Increase 12/19/02. Rent Increase of $56,208 ($43.37/pupm) annually approved effective 2/1/03.

  • Beacon Pointe

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    (104 units) Took over management effective 1/9/03. Submitted budget driven rent increase 2/1/03. Rent increase of $86,208 ($69.08/pupm) annually approved effective 5/1/03. REAC Inspection increased from 40 to 70 in July 2003. Management Review improved from Unsatisfactory to Satisfactory in November 2003.

  • Gee Corbett

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    (38 Units Section 202 Elderly) Took over the Management 1/9/03. Submitted a Budget Driven Rent increase 10/1/03. Rent increase of $47,448 ($104.05/pupm) annually approved effective 1/1/04. Prepared Refinance package reducing the interest rate on the mortgage from 9.25% to 5.75% and annual debt service savings of $17,928. Capital improvements of $321,725 made with the refinancing.

  • Easley

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    (40 units Section 202 Elderly) Took over Management 5/1/03. Prepared and submitted A-7 Refinance package reducing the interest rate on the mortgage from 7.5% to 5.45% and annual debt service savings of $9,528. Capital improvements of $179,000 made with the refinancing. Cash Flow 1/1-4/30/03 -$942.00, 5/1-12/31/03 - $37,357.00

  • McDuffie Village

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    (50 Units) Took over the Management 5/1/03. Submitted budget to market rent increase 5/15/03. Rent increase of $19,440 ($32.40) annually approved effective 7/1/03.

  • Ramblewood

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    (96 Units) Took over the Management 11/25/03. Submitted budget to market rent increase 12/10/03. Rent increase of $92,352 ($80.17/pupm) annually approved effective 2/1/04.

  • Lakeview Village

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    (40 units) Took over the Management 10/15/04. Submitted budget rent increase on 6/1/05. Rent increase of $82,032 ($170.90/pupm) annually approved effective 10/2/05.

  • Greenleaf Grace Village

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    (41 Units Section 202 Elderly) Took over the Management 2/1/05. Submitted budget to market rent increase 1/1/05. Rent increase of $25,092 ($51/pupm) annually approved effective 3/1/05.

  • St. James Plaza

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    (40 Units Section 202 Elderly) Took over the Management 2/1/05. Submitted budget to market rent increase 2/1/05. Rent increase of $32,160 ($67/pupm) annually approved effective 3/1/05.

  • St. John Housing

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    (36 Units) Took over the Management 2/1/05. Submitted budget to market rent increase 3/1/05. Rent increase of $76,464 ($177/pupm) annually approved effective 2/1/04.

  • Sandy Run Apartments I & II

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    (152 Units) - Took over the Management 9/1/05. Submitted budget to market rent increase 9/1/05. Rent increase of $539,904 ($296/pupm) annually approved effective 10/1/05 & 7/1/07. Prepared Refinance package reducing the interest rate on the mortgage from 8.5% to 5.8%. With the refinance the property was completely renovated at a cost of $4,873,018.

  • DeSoto Square Apartments

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    (32 Units) - Took over the Management 1/1/07. Prepared Refinance package reducing the interest rate on the mortgage from 9.25% to 5.82% providing annual Debt Service Savings of $16,154. Capital improvements of $244,938 were made with the refinancing.

  • The Grand @ Day Point

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    (160 Units) Acquired and took over the Management 8/15/07. Prepared HUD 221(d) 4 loan to HUD for completed renovation. Initially closed on December 31, 2008, renovations of over 5,000,000 began the next day. Also secured a $39,000/month ($468,000 annually) rent increase. Total Initial Rent Increases of $1,342,741 annually, 46.9%, $116.49 per unit per month.

  • Cross Creek

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    (122 units) Maintained Occupancy of over 95% and assisted the owners with refinancing the 221d(4) loan producing a monthly debt service savings of $10,362 or $124,338 annually. Property Sold in May 2004 for a profit of over $2 million.

  • Crown Ridge

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    (168 units) - Took over Management 7/1/02, delinquencies were over $30,000, or 26% of the monthly rent, Occupancy was 86% and operating expenses were $5,183 per unit. Today delinquent rent is $974 or .7% of the monthly rent, Occupancy has averaged 93% and Operating Expenses are $3,190 per unit.

  • Cypress Pond

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    (264 units) As developers, construction was completed in May 2005. This is a luxury Class-A, 221d(4) FHA insured property. Property Sold in November of 2005 for a profit of over $8 million.

  • Heritage Apartments

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    (143 units) Took over the management on October 1, 2003. Converted to Sub-metered water/sewer with no reduction in rent for a savings of $111,633 annually @ 95% occupancy. Redirected marketing efforts moving in 12 residents in November and December 2003 with only 25% short term leases, compared to 13 move-ins in the prime leasing months of August and September with 62% short term leases.

  • Puller Place

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    (240 units) As developers, this property completed construction in 10/06. This is a luxury Class-A, 221d(4) FHA insured property. We have been able to increase rents on average $73/month with average occupancy over 97% for 2008. Cash flow distributions to investors has averaged over $46,000 per month for the 1st Quarter of 2009. Based on the initial investment, our investors are enjoying a 40% cash-on-cash return.

  • Sedgefield Square

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    (124 units) Took over management on 4/1/02, annual operating expenses were $3,909, reduced to $2,823 and then the property was able to be sold for a profit. The Summit @ Cross Creek (128 units) Took over Management on 3/17/02 @ 4.5%, in September 2002 owners increased our fee to 5% based on our performance. Refinanced in May 2004. Property Sold in August of 2004 for a profit of over $2 million.

  • Princeton Terrace

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    (144 units) Took over Management 10/1/04, assisted owner in refinancing the property for a savings of over $10,000/month. Reduced operating expenses from $3,800 PUPA to $3,100 PUPA and increased Occupancy from 89% to 99%.

  • The Grand on Julian

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    (240 units) As developers, this property began construction in June 2008. This is a luxury Class-A, 221d(4) FHA insured property.

  • The Grand in Kannapolis

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    (240 units) As developers, this property began construction in February 2009. This is a luxury Class-A, 221d(4) FHA insured property.


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