Cypress Creek

Pre-Rehabilitation

  • 100% Non-Income Producing Apartment Complex
  • Abandoned and Crumbling Infrastructure
  • Drug/Crime Problems.Legal and Financial Issues*

*Walt Donaldson directed the rehabilitation and construction efforts at Cypress Creek during his tenure as Senior Vice President and Director of Property Management at Dreyfuss Brothers, Inc.

Rehabilitation Hurdles

  • Numerous buildings condemned
  • Buildings not condemned were in terrible disrepair
  • Actual living space very small and poorly maintained
  • 1 Bedroom Units of 500 sf
  • 2 Bedroom Units of 560 sf
  • Amenities either non-existent or in total disrepair
  • Parking completely inadequate
  • Landscaping totally ignored
  • Rehabilitation Opportunities
  • Originally 954 apartment units
  • Density reduced by 20% from 954 units to 760 units
  • Community now includes three different floorplans for 2 and 3 bedroom apartments, ranging from 850 sf to 1,050 sf
  • Accomplished by gutting each building and modifying existing floor plan of 4 units per building level to 3 larger units per level
  • Building exteriors enhanced by canopies, bay windows and pitched roofs
  • Building exteriors painted to compliment variations in building setbacks and roof lines
  • Entrances to the Cypress Creek community attractively landscaped
  • Entrances to each building landscaped to compliment directional fencing
  • Interior design changes provided open kitchens with pass-thru counter into living room
  • New cabinets, counter tops and appliances functionally placed in kitchens, which now included washers and dryers
  • Wall to wall carpeting installed
  • Split system heat pumps replaced abandoned central boiler and individual electric meters and light fixtures installed
  • New leasing center designed
  • Existing crumbling/abandoned amenities, including swimming pool and pool house, repaired and/or rebuilt
  • New amenities, including a clubhouse and exercise facility, constructed at the community

Rehabilitation Success

  • Created (within the capital budget) a product that generated acceptable rents to the owner and was extremely well-received in the market place
  • Occupancy increased from effectively zero to a stabilized 98% within 3 years
  • Average rents increased from $350 per unit (including utilities) to $750 per unit (plus electric) in the first 3 years
  • Overall property value increased in excess of 300%