The acquisition of these apartment communities is a product of our commitment to the steady growth of our portfolio in strategic locations throughout the country.
Omaha, Neb. (PRWEB) October 01, 2014
Haley Real Estate Group, an Omaha, Neb.-based real estate investment firm, today announces the $64.3 million strategic acquisition of five apartment communities – Woodscape Apartments and Forest Lake Apartments in Newport News, Va.; Fox Run Apartments in Broken Arrow, Okla.; Pryor Creek Apartments in Pryor, Okla.; and Meadow Walk Apartments in Arkansas City, Kan.
Consistent with the brand’s acquire and renovate growth strategy, the company plans to invest an additional $3.4 million for capital improvements to the communities, which feature a combined total of 1,028 apartment homes. The addition of the properties increases Haley Real Estate Group’s portfolio to 46 communities representing 11,380 units in 13 states.
“The acquisition of these apartment communities is a product of our commitment to the steady growth of our portfolio in strategic locations throughout the country,” said Doug Hastings, principal of Haley Real Estate Group and senior vice president of property management for DEI Communities, the property management affiliate responsible for day-to-day operations of the company’s portfolio of properties. “By investing in upgrades to these communities, we are able to enhance our resident’s everyday living experience and the neighborhood where they live while simultaneously generating significant ROI and value for our portfolio and our investment partners.”
Haley Real Estate Group closed on the acquisition of Woodscape Apartments and Forest Lake Apartments in July. The two Newport News, Va., communities each offer 296 apartment homes and easy access to City Center at Oyster Point, which has been dubbed the new downtown of Newport News due to its proximity to the Virginia Peninsula, as well as the city’s business and retail hubs. The communities will undergo interior and exterior renovations to landscaping, pools, parking lots and paint. The units at Forest Lake will also be fitted with new appliances as part of the capital improvement plan.
Fox Run, which has been renamed Hickory Grove Apartments, is a 160-unit community in Broken Arrow, Okla., that was acquired in August. It is located within minutes of some of Broken Arrow’s largest employers and the new commercial development anchored by Bass Pro Shops Outdoor World along Highway 51. The apartment homes at Hickory Grove will benefit from significant interior renovations, including new appliances and countertops, as well as extensive exterior upgrades to the parking lot and pool.
Also acquired in August, the 156-unit Pryor Creek Apartments in Pryor, Okla., has 24 unfinished units that will be brought to rent-ready status before the end of the year. Haley Real Estate Group will invest in comprehensive upgrades to the community’s pool, parking lot and building exteriors.
Meadow Walk Apartments in Arkansas City, Kan., was also acquired in August, and is centrally located within minutes of a variety of employers on both sides of the Oklahoma state line. The kitchen flooring and light fixtures inside the community’s 120 units will be upgraded along with the building exteriors and parking lots.
For more information about these strategic acquisitions, planned renovations or to talk with a company executive, please contact Peter Jakel, LinnellTaylor Marketing, at peter(at)linnelltaylor(dot)com or 303-682-3944.
About Haley Real Estate Group
Multifamily real estate specialists engaged in managing acquisition, disposition and re-financing projects for Haley’s affiliated partnerships. Haley focuses on identifying potential property acquisitions throughout the central United States and on following strict acquisition criteria enforced through its underwriting and risk analysis. For more information, please visit http://www.haleyregroup.com.
About DEI Communities
Overseeing nearly $500 million of multi-family assets, compiled of 10,000+ apartment units across the Central United States, DEI Communities is a recognized leader in multifamily property management. DEI Communities has received the Accredited Management Organization® (AMO®) credential from the Institute of Real Estate Management (IREM). The AMO accreditation recognizes excellence among real estate management firms. Only those firms that achieve the highest level of performance, experience and financial stability and have a CPM in executive position can earn the AMO credential. For more information, please visit http://www.DEICommunities.com.