The Gardens on Walnut
Catalyst Multifamily Management was scheduled to take over third party property management for a local investor when the investor terminated the purchase and sale agreement. MBP Capital immediately informed a local Dallas investment group that The Gardens on Walnut (formerly Stonewood) was available and they put the property under contract that week. MBP Capital invested with the local Dallas group along with an investment group from California for the December 2013 acquisition.
Immediately after acquisition a renovation program began which included: interior unit upgrades, new roof, leasing office upgrade, full exterior paint, installing a playground and curing other deferred maintenance.
Catalyst Multifamily Management kept the property 90%+ occupied during the renovation and the ownership group was able to exceed the budgeted equity draws every month. The ownership group hired MBP Capital to market the property for sale in 2015 and MBP Capital successfully found a buyer.