(Read more on the multifamilymarket.)
David Lindahl, president of the namesake firm, says the40-year-old complex at 6550 Lexington Dr. came with deferredmaintenance from damage incurred during Hurricane Rita in 2005 andhad four burned-out units. He tells GlobeSt.com that a $40,000investment and two months of work will bring the complex back up topar and get units on line. The Lindahl Group will manage thecomplex.
Lindahl says Towne Oaks represents a good value-add opportunitybecause rents are below market. "We bought this because of the lowoccupancy," he adds. "In the three months since we had this undercontract, occupancy has increased as has net income." He saysoccupancy is now 92%, up 6% from the contract to the closing withBMT Towne Oaks Associates Ltd. of Houston.
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