The Dallas-based AmeriSouth's top-to-bottom makeover at the Parkwood Apartments at 3035 Pentagon Parkway raised occupancy to 92% from 80% and switched the monthly rent to an all-bills-paid market rate of $700 per unit, Jeff Ratliff, AmeriSouth's executive vice president, tells GlobeSt.com. "We simplified the rent system to all-bills paid so the effective rents are about the same."
John Brownlee with Holliday Fenoglio Fowler's Dallas office bundled a refi package with a 10-year loan, 30-year amortization and a mid-5% fixed-rate interest through CIBC of New York City. "This is by far the biggest deal we've done," Ratliff says of a capital infusion that replaces a loan, 90% earmarked for construction, split between Colonial Bank in Dallas and Piper Jaffray in New York City.
AmeriSouth, led by Ruel M. Hamilton, president and CEO, spent $3 million in hard costs alone to retool the interiors for a complex with 37 floor plans. Units average 826 sf in the 43-acre development.
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