Transforming Park Place into The Capitol on 28th required a level of innovative thinking, focus and perseverance that was above and beyond any other investment we’ve made, and we’re proud to receive recognition for this incredible accomplishment.
Omaha, Neb. (PRWEB) October 23, 2014
Haley Real Estate Group, an Omaha, Neb.-based real estate investment firm, and its property management affiliate DEI Communities today announced that the company’s renovation of a 223-unit Oklahoma City apartment community formerly known as Park Place won the 2014 Multi-Housing News Gold Excellence Award for Best Affordable Value-Add Renovation.
After purchasing the poorly maintained, Section 8 property, Haley invested $8 million and assigned day-to-day operations to DEI to responsibly relocate residents and transform it into a modern, market-rate community that would attract some of the more than 20,000 government, education and biotechnology employees working nearby. The community located in Oklahoma City’s downtown medical-government corridor was renamed The Capitol on 28th to better reflect its new aesthetic appeal and high-end finishes.
“We are honored to receive this award from Multi-Housing News for our efforts to revitalize a struggling apartment community and add significant value to a growing neighborhood,” said Doug Hastings, principal of Haley Real Estate Group and senior vice president of property management for DEI Communities. “Transforming Park Place into The Capitol on 28th required a level of innovative thinking, focus and perseverance that was above and beyond any other investment we’ve made, and we’re proud to receive recognition for this incredible accomplishment.”
For the first time in its history, DEI decided to not renew any leases and offered a comprehensive relocation package to encourage residents to move out early, allowing extensive renovations to commence on individual apartment homes. DEI also worked closely with the Oklahoma City Housing Authority and Oklahoma Housing Finance Agency to prepare residents for the apartment search and relocation process. Additionally, the company reached out to 10 neighboring low income and Section 8 communities to pre-schedule open houses to match residents with new apartment communities.
“The living conditions at the community prior to our purchase were so poor that we wanted to move quickly to substantially upgrade the standard of living with the best interests of the residents in mind,” Hastings said. “It was very important to us that every resident receive a relocation package that would not only encourage them to move, but also help them enhance their quality of life. Doing the right thing, in turn, allowed us to significantly improve the living conditions at The Capital on 28th and add tremendous value to the neighborhood.”
Because of how well received the relocation packages were, the community was vacant in 10 weeks, and DEI was able to complete the substantial renovations quickly in less than 18 months. Each of the 223 units received upgraded finishes and amenities, including new lighting and plumbing fixtures, energy-efficient appliances, shaker-style natural wood cabinets and brushed nickel hardware. All of the units were fitted with new carpet in bedrooms and either stained concrete or laminate hardwood in the main living areas. In addition, the community received extensive exterior and luxury amenity upgrades, including a saltwater pool, dog park with bathing stations and a multimedia clubhouse.
The Multi-Housing News Excellence Awards honor apartment communities for excellence in a number of categories, including Best Affordable Value-add Renovation. The Best Affordable Value-Add Renovation award is awarded to renovations that overcome design, structural and construction obstacles, substantially improve financial performance and enhance the appeal of the target market. The judges also take into consideration the use of noteworthy or innovative construction materials and methods.
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.