Tag: Press Release

Posted on

Elmstone Investments completes the sale of Silverado apartments – 185 units in Irving, Texas

Irving, TX — Nov. 15, 2019 — Silverado apartments, recently sold by Elmstone Group OP1, LLC, successfully allowed its investors to double their original investment – a return of 100% – in around 3½ years.

Focusing on Class C properties in the Dallas/Forth Worth-area, the Elmstone Group has developed a reputation for delivering both quarterly cash-flow to investors in addition to a very respectable equity gain upon sale.

Silverado, which the Elmstone Group purchased in April 2016, completed the group’s fourth multifamily sale, while still holding other properties for cash flow and potential future equity capture to investors. The Elmstone Group properties, managed by Elmstone Group Property Management, LLC, continues to thrive in the multifamily arena as a result of hands-on management and ownership.

About the Elmstone Group

The Elmstone Group is a collection of fully integrated, specialized Real Estate companies. The Elmstone Group is a regionally recognized leader within the Texas Real Estate industry with a full spectrum of services, simplifying acquisitions, asset management, rehabilitation, repositioning and disposition of multifamily assets.

Posted on

Elmstone Investments completes purchase of Salem Ridge apartments – 97 units in Denton, TX

Denton, TX — Feb. 27, 2019 — Elmstone Group XII, LLC announces the acquisition of Salem Ridge apartments, a 97-unit Class C property comprising 74,484 square feet on 4.6 acres. The community has a very favorable unit mix for the Denton area with 45% of the community being 2 bedroom, 40% 1 bedroom and 14% efficiencies. Located on the south side of Denton, just off of I-35E, Salem Ridge is the firm’s 6th acquisition in the Dallas-Fort Worth area.

“Salem Ridge represented an increasing rate opportunity to acquire an under-performing asset with considerable value-add upside at a price point that made financial sense and offered our investors some strong returns even in the current market,” said Steven R. Gould, Co-Founder of Elmstone Investments and CFO of Elmstone Group Property Management, LLC. The property will immediately undergo a $750K renovation plan to include rebranding, significant exterior and amenity improvements, and dwelling unit upgrades featuring a selection of granite, quartz or resurfaced countertops, stainless steel appliances, faux-wood flooring, and designer fixtures.“ In addition to the upside from our planned renovations, we look for properties with multiple ways to add value. We identified a major opportunity to increase rents back up to and above market with a strong management team in place and bill back residents for utilities. These two things alone will deliver 12% revenue increase in year 1,” said Gould.

About the Elmstone Group

The Elmstone Group is a collection of fully integrated, specialized Real Estate companies. The Elmstone Group is a regionally recognized leader within the Texas Real Estate industry with a full spectrum of services, simplifying acquisitions, asset management, rehabilitation, repositioning and disposition of multifamily assets.

Posted on

Elmstone Investments completes the sale of The Village on West Irving – 91 units in Irving, Texas

Irving, TX — Oct. 24, 2018 — The Village on West Irving, recently sold by Elmstone Group TV, LLC, successfully provided its investors a total return on their investment of more than 185% in little over 3½ years.

Focusing on Class C properties in the Irving market, the Elmstone Group has developed a reputation for delivering both quarterly cash-flow to investors in addition to a very respectable equity gain upon sale.

The Village on West Irving, which the Elmstone Group purchased in January 2015, completed the group’s third multifamily sale, while still holding other properties for cash flow and potential future equity capture to investors. The Elmstone Group properties, managed by Elmstone Group Property Management, LLC, continues to thrive in the multifamily arena as a result of hands-on management and ownership.

About the Elmstone Group

The Elmstone Group is a collection of fully integrated, specialized Real Estate companies. The Elmstone Group is a regionally recognized leader within the Texas Real Estate industry with a full spectrum of services, simplifying acquisitions, asset management, rehabilitation, repositioning and disposition of multifamily assets.