CASE STUDY

3300 Tamarac:
Heavy Renovation Value-Add


LOCATION: DENVER UNITS: 404 ACQUIRED: 2Q14

LOCATION: DENVER
UNITS: 404
ACQUIRED: 2Q14

Renovations and Rebranding

3300 Tamarac was purchased off-market and closed quickly with opportunistic pricing at a going-in 7.0% cap rate. TruAmerica rebranded the property with new signage and a new name – formerly known as Tamarac Village. Interior renovations include faux-wood flooring, countertops, kitchen appliances, and fixtures. TruAmerica overhauled all of the resident common areas, including fitness center, leasing office, pool area and resident lounge. After 20 months of ownership, TruAmerica sold the 3300 Tamarac property in 4Q15, during which time NOI grew over 13.7%. The asset appreciated 35% in value during the abbreviated hold period.

UPDATED SIGNAGE, HIGHLIGHTING NEW BRANDING

UPDATED SIGNAGE, HIGHLIGHTING NEW BRANDING

 

CASE STUDY

3300 Tamarac:
Heavy Renovation Value-Add


LOCATION: DENVER UNITS: 404 ACQUIRED: 2Q14

LOCATION: DENVER
UNITS: 404
ACQUIRED: 2Q14

Renovations and Rebranding

3300 Tamarac was purchased off-market and closed quickly with opportunistic pricing at a going-in 7.0% cap rate. TruAmerica rebranded the property with new signage and a new name – formerly known as Tamarac Village. Interior renovations include faux-wood flooring, countertops, kitchen appliances, and fixtures. TruAmerica overhauled all of the resident common areas, including fitness center, leasing office, pool area and resident lounge. After 20 months of ownership, TruAmerica sold the 3300 Tamarac property in 4Q15, during which time NOI grew over 13.7%. The asset appreciated 35% in value during the abbreviated hold period.

UPDATED BUILDING EXTERIORS

UPDATED BUILDING EXTERIORS