Friday, March 06, 2015

Former Property Manager Buys Denton Apts.

Kingswood Circle LLC has purchasedKingswood Apartments, a class B 200-unit complex, in Denton. The partnership of Mike Wells and Robert Aielloacquired the asset from an out-of-state owner for $10 million.
According to Aiello, the duo will invest $700,000 towards improvements to the property, aiming to increase the per unit rate by $100-$125 a month.
“The Denton multifamily market is exploding,” Aiello told GlobeSt.com.
Prior to purchasing the asset, Wells Asset Managementmanaged the property for the previous owner for 20 years.
“With our experience in the market, along with managing Kingswood for as long we have, we are in an excellent position to bring up the property to its full potential,” Aiello says.
To that end, the new owners will update appliances, add new cabinets, counter tops, light fixtures and hardware throughout.
Says Aiello: “When you walk in, you will think you’re in a newly constructed apartment.”
Built in 1982, the community, which averages 95 percent occupancy, is located three miles fromUniversity of North Texas and two miles from Texas Woman's University.
Aiello and Wells received an acquisition loan from Brian Scharf with Arbor Commercial Mortgage.
Aiello and Wells also own Oak Glen in Garland, College Park Apartments in Weatherford,Ridgmar Crossroads Townhomes in Fort Worth and Pepper Place Apartments in Richardson. They recently sold Parkland Village and McCallum Corners in Dallas.
“We are building our portfolio,” says Aiello.
Anna Caplan, Globest.com