Richmond, VA – January 31, 2018 − 37th Parallel Properties (“37th Parallel”), a total return focused commercial multifamily acquisition and asset management firm, announced today it has recently sold Timber Run Apartments in Houston, Texas.
Timber Run, a 120 unit property, was built in 1981 and is located in the Northeast Houston submarket. 37th Parallel purchased the property in September 2013.
Dan Chamberlain, COO of 37th Parallel Properties commented, “When purchasing Timber Run, we were attracted to the value-add opportunities of the property. The asset needed significant capital improvements and economic vacancy hovered around 20%. After carefully evaluating the performance of similar nearby properties we were confident we could materially improve NOI.”
Over the past 4 years, more than $750,000 in capital improvements were made to the property and vacancy improved to the single digits.
Chad Doty, CEO of 37th Parallel Properties commented on the sale of Timber Run, “We felt we had reached an NOI ceiling based on submarket performance, and decided to test the market. We received several strong offers for Timber Run, and were able to achieve an exit price we did not anticipate until 2022. As a result, we were able to deliver strong equity gains with consistent quarterly income along the way back to our investors ahead of schedule.”
37th Parallel Properties provides commercial multifamily investment and asset management services for high net worth investors and select private clients across the United States and Internationally. To learn more, call 888.837.3720.