"I TELL PEOPLE ALL THE TIME I LIVE IN THE CENTER OF THE UNIVERSE" 

                                                                                                                                                                                 Resident Interview

 Abingdon apartments                Value Add Rental

   Arlington, VA (Pentagon City/Crystal City)

Details

  • Acquisition/Rehab of 50 year old, 82-unit rental apartment community.  All systems upgraded, management office installed, clubroom and fitness center added.  Light rebranding tied to new paint, landscaping & signage on exterior. 
  • Professional management instituted.
  • Adjacent surface parking (resurfaced, re-striped & re-signed)
  • Adjacent to Pentagon City, Crystal City and 23rd Street Shops. 
  • 10 minute walk from two metro stations.


Investment Overview

  • Sponsor GP Investment
  • Institutional LP Investment (large pension fund)
  • Freddie Mac Debt

Neighborhood:  South Arlington

  • Entry: Purchase of tired asset from original builder/owner in submarket identified as high probability to experience strong growth.  
  • Impact:  Quality, price competitive alternative in high cost submarket.  
  • Legacy:  Stage III >> Stage IV transformation Point of Light

The Bank Lofts

Denver, CO

Type:  Low Rise Rental

           Value Add Acq./Rehab


Cost:  $24,000,000(1) 


Status:  Completed 2011


Of Note:

  • The building was purchased from the original developer who still owned it  almost 50 years after it was built. 
  • The building needed significant systems and infrastructure rehab including the original two pipe system, chiller, roof and waterproofing.  
  • A complete "freshen up" was done to the entire complex including branding and marketing. 
  • The seller had self managed which created some challenges around best practices.  New management was brought in to update all systems, accounting and leasing protocols.   
  • Part of the investment thesis involved programming the property for an alternative condo exit as market conditions dictated.

           YOUR PLACETM

 P      I      N      D      Ʌ      R


Type:

 Role:  Sponsor/Development Manager(2) 

 Outcome:  tbd

regenesis

        apartment homes

All Information at time of completion/opening/repositioning or realization of Asset/Investment. (1)  All Cost/Value references are in year completed adjusted to 2014 by CPI index.  (2)  Projects/Investments referenced are PINDAR or involved PINDAR key personnel as Principal/Project Executive or Project Manager at a previous company.                     

 regenesis I portfolio                Value add rental

    Washington D.C. (Mt. Vernon Square, Brookland, Petworth, Brightwood, Takoma) 

                  "THE MIRACLE AT MASS PLACE" 

                                                                                            Community Leader Jose Sueiro


 Role:  Sponsor/Development Manager(2) 

 Outcome:  tbd

"Regard it as just as desirable to build a chicken house

  as to build a castle."
                                                               - Frank Lloyd Wright

ThereTM

   2011

ThereTM

   2010

Type:  High Rise & Low Rise Rentals

           Value Add Acq./Rehab


Cost:  $34,000,000(1) 


Status:  Completed 2012


Of Note:

  • These communities had been rehabbed utilizing Low Income Housing Tax Credits.  Outside of their vesting period but still in their compliance period the portfolio had significant deferred maintenance which the prior owners didn't want to address.. 
  • Management and reporting had been virtually non-existent.  The net effect of all this was a resident base on the verge of litigation as well as a significant presence of illegal activity.  
  • The challenge was so hard a well regarded management company brought in to address the problems was terminated for not being up to the task. 

Recognition:

  • A neighborhood activist helping the residents through the transformation wrote a blog citing the outcome as no less than "a miracle". 

Details

  • 482 unit, five building severely neglected apartment portfolio.
  • Affected communities located in five separate Wards of the District of Columbia
  • Portfolio TOPA Transaction with affected communities negotiating as a group. 
  • Each community represented by separate pro bono legal counsel.


Investment Overview

  • Sponsor GP Investment
  • Institutional LP Investment (Large Pension Fund)
  • Fannie Mae Debt 

Neighborhoods:  Mt. Vernon Square, Brookland, Petworth, Brightwood, Takoma

  • Entry: Absentee Landlord with Absentee Management.  Extreme overcrowding and poor sanitary conditions.  
  • Impact:  Points of light in regeneration of various neighborhoods where the communities are.
  • Legacy:  Every neighborhood home to one of these communities is experiencing significant regeneration and attracting third party investment.  Quality of life has changed significantly for residents.