Stirling Properties Completes Acquisition of Ansley Place Apartments in Houma, LA
Stirling Communities II, LLC, an entity of investors led by Stirling Properties, successfully completed their acquisition of Ansley Place Apartments. Ansley Place is a 246-unit “Class-A”, luxury garden-style apartment community located at 100 Ansley Place Court in Houma, Louisiana. Completed in 2008, the Property encompasses thirteen (13) two- and three-story apartment buildings, one (1) single-story leasing office, and four (4) single-story garage buildings on 21 acres of land. The deal closed on April 1, and involved the assumption of an existing HUD 223(f) loan on the property.
“We believe the frenzied activity at Port Fourchon resulting from the return of Gulf exploration, significant expansion projects currently underway at several key service firms in the Houma area, the fully booked pipelines at the shipyards of Edison Chouest and Bollinger, and the various coastal restoration projects either underway or planned, will lead to a substantial increase in the population and employment base of the Houma area over the next five years. With its excellent location, superior floor plans, and premier status in the market, Ansley Place offers our investors a high quality asset located directly in the path of Houma’s growing economy. ,” said Justin Landry, head of Multi-Family Asset Management for Stirling Properties.
“Multi-family is an asset class that Stirling Properties has grown very bullish on in recent years based upon the demographic and economic trends in the nation,” stated Marty Mayer, President and CEO of Stirling Properties. “With the addition of Ansley Place Stirling Investors’ portfolio has grown to more than1,000 units, a significant milestone considering three years ago they did not own a single unit.”
BH Management Services, based in Des Moines, Iowa, runs the day to day activities of the property as is the case with all of Stirling’s 1,042 units.
For more information about Stirling Properties Acquisition Team and its objectives contact Jeff Marshall at (985) 246-3765 or jmarshall@stirlingprop.com.
Stirling Communities Update: Tiger Manor Improvements Completed!
Since our last Stirling Communities update, Tiger Manor has come a long way and the renovations are 100% complete! The $1.4 Million in renovations were completed a couple months ago and included these major renovations:
- Complete exterior repaint of all buildings
- New primary entrance road off E. State Street
- Card Access Security Gate Systems
- New management office
- Pool Renovations
- Landscaping and Irrigation
- Parking Lot Repairs
Tiger Manor is currently experiencing a strong summer lease-up season with 5% rental increases on average on the new leases being signed.
Stirling Communities Update: Tiger Manor Improvements
Tiger Manor, a 287-unit student housing property situated just outside the North Gates of LSU, was acquired in September 2012 and added to the Stirling Communities portolio of multi-family properties. Since the acquisition, $1.4 Million in renovations to Tiger Manor are well underway, and are approximately 60% complete. All renovations to the complex are expected to be complete by April 15, 2013.
Major renovations include:
- Complete exterior repaint of all buildings
- New primary entrance road off E. State Street
- Card Access Security Gate Systems
- New management office
- Pool Renovations
- Landscaping and Irrigation
- Parking Lot Repairs
Tiger Manor – New Exterior Paint
Tiger Manor – New Primary Entrance from East State Street
Tiger Manor – Card Access Security Gate Systems – Lake Crest Gate Under Construction
Tiger Manor – New Management Office Renovations Underway
Tiger Manor Pool 1 Renovations – New Deck, Coping, and Resurface Underway
Tiger Manor Pool 2 Renovations – New Coping, Tile, Resurface and Suntan Ledge Underway
Initial Months of Ownership Very Active After Stirling’s First Multi-Family Acquisitions
As expected, it’s been a very active few months of ownership since Stirling Properties successfully completed its first multi-family acquisitions in August. A total of 370 units were acquired in 4 apartment communities – Coventry Terrace in Baton Rouge, and Willow Gardens, South College Gardens and Acadian Gardens in Lafayette. Stirling Properties is the Asset Manager for the properties and BH Management Services, Inc. was hired as the primary property management firm because they specialize in apartment communities of this type, and to date they have exceeded our expectations.
The first month of ownership primarily consisted of training the property staff, taking inventory of units, lease audits, accounting setup, and property stabilization under the new management team. In addition, each management office was overhauled in order to bring them to BH standards for professionalism, quality, and function. The problem tenants and immediate maintenance concerns were also identified and addressed.
Upgrading these properties was the next step. At each property a model unit was identified and converted into a furnished leasing model. Also, BH further defined the scope of improvements for each property based on needs that they assessed after being on site. The primary areas that have been addressed include common areas, sidewalks, railings, exterior painting, soffits, signage, landscaping, porches and balconies, and general appearance. Amenities have become increasingly important for leasing of apartment properties, and as a result of BH’s recommendation, a state-of-the-art Wi-Fi system has been installed at each property for resident use on-site.
BH has a very proactive approach to marketing. Outreach marketing for the properties includes postings to Craigslist, Facebook, online advertising for off campus housing, postcard flyers and outreach stickers, promotional products, and participation in the LSU Housing Fair. A Preferred Employee Discount Program was also implemented. A car magnet promotion was put in place at Coventry Terrace in an effort to drive additional traffic and to help prospective residents locate the property. Residents receive a small monthly rental discount for agreeing to attach this car magnet to their vehicle.
Resident retention efforts are also underway. Coventry Terrace will host resident events monthly and a Fall Social is planned at Willow Gardens for an early December Saints game, barbeque and Toys for Tots drive. Monthly newsletters, resident referral flyers and early bird contests are also planned.
“Stirling Properties is very excited about this multi-family portfolio and we expect it to exceed our expectations once BH has had the opportunity to be on-site and fully implement its operational and marketing strategies,” stated Townsend Underhill, Vice President of Development at Stirling Properties. Based upon the demographic and economic trends in the nation, Stirling has grown very bullish on the multi-family asset class and we look to expand our holdings in this type of asset.
For more information about Stirling Properties’ Acquisition Team and its objectives contact Jeff Marshall at (985) 246-3765 or jmarshall@stirlingprop.com.
