The makeover of Pleasant Grove Village cost $1 million, but occupancy is now a solid 93%, Ruel Hamilton, AmeriSouth president, tells GlobeSt.com. John Brownlee of Holliday Fenoglio Fowler LP in Dallas arranged the financing package in a first-time deal between New York City lender, Nomura Bank Inc., and AmeriSouth. The loan carries a 5.52% fixed interest rate.
The gated complex at 1411 N. Jim Miller Rd. is nestled in a mostly residential neighborhood, with limited competing multifamily product, and a school right across the street. The 38-year-old complex was bought in August 2001 at about 90% occupancy, according to Hamilton. Since then, AmeriSouth has implemented its well-known business strategy to take a problem property and reintroduce it to the market via an image makeover, with new interiors, new management and new rent levels.
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