In June 2010, TDG acquired two notes secured by the property which had been in default since October 2009. After completing the foreclosure process, TDG acquired Regency Pointe in May 2011.
The Donaldson Group managed a $16.6mm renovation, consisting of curb appeal upgrades including new signage, extensive re-landscaping, amenity enhancements including a new community center with fitness, business and youth activities center, newly remodeled leasing center, new playgrounds and laundry facilities; and infrastructure improvements including building facade and entryway upgrades, renovated stairwells and hallways, lighting upgrades, and new roofs and plumbing line enhancements, along with interior removations to 1/3rd of the apartments.
In addition, TDG converted the aging and highly inefficient central plant from a two-pipe central heating and cooling system to all new high-efficiency, individually metered heat pumps including full electrical heavy-up and new electric panels and meters.
As a result, the utility expense decreased over 60% and NOI increased an annual average of 138% over a 4 year period.
