Ashford at Henson Creek

Property Constructed 1966
Date Purchased January 2005
Purchase Price Per Unit $64,444
Renovation Cost Per Unit $9,120
Date Sold March 2007
Sale Price Per Unit $116,555
Internal Rate of Return 53.40%
Average Annual NOI Increase 22.68%

When acquired, Henson Creek (formerly Arbor View) was a poorly performing asset with absentee ownership and weak management. The asset was seriously under-capitalized, poorly maintained, and suffered from inattentive customer service.

The Donaldson Group managed a $4mm renovation, including exterior, common area and interior apartment renovations, which included an extensive remodeling of the centrally located building that housed the leasing center and maintenance shop.

We remodeled the exterior of this building to improve aesthetics and curb appeal, moved the maintenance shop out, and remodeled the interior to include a first rate business center, fitness center and large and well-appointed community room on the second level and new leasing and management offices on the first level to create a superior leasing experience for our prospects and unmatched amenities in the market.