HOUSTON, Jan. 14, 2021 /PRNewswire/ -- National Asset Services (NAS), one of the Country's leading commercial real estate companies, successfully delivered a buyer for Chartwell Court Apartments in North, Houston, TX on behalf of property investors in the 253,553 square foot, 243-unit complex.
The sale resulted in a 132% return of the initial investment, despite the property being in an area largely populated with tax credit properties. The NAS team leveraged its vast resources to identify the right buyer while working in tandem with Portico Property Management to achieve and maintain an above-market-occupancy-rate of over 90%, despite the tragic impact of COVID-19 on the marketplace. Senior managing director Ryan Epstein, senior director Jennifer Ray and associate director Scott Bray of Houston-based, Berkadia brokered the sales transaction on behalf of Chartwell Court Apartments Ownership.
The NAS executive team assumed asset management of the property in Spring of 2015. At that time, NAS immediately executed aggressive, multi-faceted, marketing and operations strategy to reduce a high rate of rent delinquency and increase occupancy levels, while creating a better living experience by addressing deferred maintenance issues.
In 2017, NAS' strategic management execution, along with the company's strong reputation for closing, were key factors in securing a capital source for refinancing the 20 Co-Owner tenants-in-common (TIC) multifamily property, preserving the co-owners original 1031 Exchange benefits and options; a highly unusual event that reinforced NAS' ability to leverage its strong industry relationships.
"The Chartwell Investor Committee highly recommends Karen E. Kennedy and her team to any investor who wants a trusted partner that treats your investment like their own," commented Paul Balas, an investor in Chartwell Court Apartments and a member of the property's governance committee.
"Our ability to quickly turn around an underperforming property, while leveraging our strong industry relationships, made the possibility of refinancing a large, tenants-in-common property a reality in 2017 and then, in turn, finding a buyer in a year of unprecedented uncertainty caused by the pandemic," commented Karen E. Kennedy, President and Founder of National Asset Services and NAS Investment Solutions. "The end result was the best possible outcome for our clients invested in Chartwell Court Apartments.
Originally built in 1995, Chartwell Court Apartments is located about two miles west of Interstate-45 and approximately 17 miles north of downtown Houston. The apartment community is a complex of 20, two-story buildings, a leasing office and clubhouse. All units have an attached garage and community amenities consist of a fitness center, business center, cyber cafe and coffee bar. There is a resort-style pool with an outdoor grill.
About National Asset Services (NAS)
Headquartered in Los Angeles, CA, NAS manages a wide range of diverse commercial real estate: Office, medical office, multifamily, retail, student housing, assisted living and industrial flex properties. The company manages sole-owner and multi-owner properties. NAS offers a wide range of asset management capabilities. They include: Property management; project management; lease administration; acquisition and disposition services; real estate strategy analysis; long-range business objectives; monitoring changing market conditions; investor relations; real estate and investor accounting; loan modification and workout solutions; exit and hold strategies; leasing & marketing; tenant retention plans; research studies; site selections; feasibility studies; insurance risk management; capital improvement planning and tracking; property tax appeal services and cost segregation services.
About NAS Investment Solutions (NASIS)
NAS Investment Solutions was established to leverage National Asset Services' vast experience in investment property management by identifying, acquiring, and enhancing commercial real estate investments across all sectors of the real estate industry. The company is differentiated from other property investment sponsors by:
- Investing in the property alongside investor clients
- Managing the sponsored investment through National Asset Services, making the company accountable throughout the entire hold period.
- Maintaining high acquisition standards and executing an exhaustive, transparent due diligence process
- Thoroughly vetting potential property investments, utilizing professionals that have extensive experience in acquiring and managing real estate
- A proven track record of closing properties on time
- Ensuring investment properties are 1031 exchange eligible and qualify for self-directed IRAs
For more information about National Asset Services and NAS Investment Solutions, visit nasassets.com or nasinvestmentsolutions.com
For more information about NAS, visit www.nasassets.com.
Contact:
JW Robison
289147@email4pr.com
310.795.8985
View original content to download multimedia:http://www.prnewswire.com/news-releases/national-asset-services-delivers-buyer-for-north-houston-multifamily-property-301208297.html
SOURCE National Asset Services
