Denton, TX — Feb. 27, 2019 — Elmstone Group XII, LLC announces the acquisition of Salem Ridge apartments, a 97-unit Class C property comprising 74,484 square feet on 4.6 acres. The community has a very favorable unit mix for the Denton area with 45% of the community being 2 bedroom, 40% 1 bedroom and 14% efficiencies. Located on the south side of Denton, just off of I-35E, Salem Ridge is the firm’s 6th acquisition in the Dallas-Fort Worth area.
“Salem Ridge represented an increasing rate opportunity to acquire an under-performing asset with considerable value-add upside at a price point that made financial sense and offered our investors some strong returns even in the current market,” said Steven R. Gould, Co-Founder of Elmstone Investments and CFO of Elmstone Group Property Management, LLC. The property will immediately undergo a $750K renovation plan to include rebranding, significant exterior and amenity improvements, and dwelling unit upgrades featuring a selection of granite, quartz or resurfaced countertops, stainless steel appliances, faux-wood flooring, and designer fixtures.“ In addition to the upside from our planned renovations, we look for properties with multiple ways to add value. We identified a major opportunity to increase rents back up to and above market with a strong management team in place and bill back residents for utilities. These two things alone will deliver 12% revenue increase in year 1,” said Gould.
About the Elmstone Group
The Elmstone Group is a collection of fully integrated, specialized Real Estate companies. The Elmstone Group is a regionally recognized leader within the Texas Real Estate industry with a full spectrum of services, simplifying acquisitions, asset management, rehabilitation, repositioning and disposition of multifamily assets.