The Aspen Companies Adds Another 384 Homes to Growing National Apartment Portfolio
TEANECK, NJ – The Aspen Companies, one of the leading and most notable HUD owners and managers in the northeast, is reporting a strong start to 2014 with the addition of more than 700 affordable rental homes in the southern United States to its growing national apartment portfolio.
The Aspen Companies has dramatically increased its presence in southern metropolitan areas over the past year with aggressive acquisition strategy that focuses on identifying high-performing and well-located project based section 8 apartment assets in key urban markets, indicates Adam Mermelstein, principal of The Aspen Companies. Since early 2013, the Teaneck, NJ-based real estate concern has purchased more than 1,500 affordable units in major Cities such as Atlanta, Memphis, Gainesville, FL and Augusta, GA.
Most recently, the company has added four communities consisting of 384 apartments in North Carolina and Texas. The most recent transactions include:
- Peoples Village: A collection of 100 one-, two-, three-and four-bedroom garden apartments situated in 20 two-story buildings in Dallas. The Aspen Companies purchased the property for $4.9 million;
- The 4.35 million acquisition of St. James Manor Apartments, a 100-unit garden apartment complex located in the Cedar Crest section of Dallas, TX;
- The Aspen Companies purchased Independent Missionary Village, an offering of 74 rental homes located on five-plus acres just 14 miles north of the Gulf of Mexico, in Hitchcock, TX, for $ 3.05 million, and;
- Rolling Hills Apartments, a collection of 110 garden-style affordable rental homes in Winston Salem, North Carolina, acquired by The Aspen Companies for $3.15 million.
The Aspen Companies has garnered a strong reputation for its management style which focuses on significantly enhancing underperforming rental communities through capital improvement programs to upgrade building systems, modernize grounds and common spaces and renovate homes themselves and the addition of much needed amenities and social service programs.
“We focus on distressed properties in urban middle-class neighborhoods where there’s a strong demand for quality housing that’s also affordable,” says Azi Mandel, another Aspen Companies principal. “These apartment communities are exactly the type of value-added acquisition we seek.
“While they have been underperforming, the locations make them prime candidates to be repositioned into positive cash flow holdings. We will renovate and reintroduce them as modern apartment communities complete with all the necessary social programs and amenities that are still within the budgets of working families. By providing clean, quality housing, we expect these properties to achieve high occupancy levels.”
For additional information on The Aspen Companies, please call 201-379-5504 or visit http://www.aspencos.com.
About The Aspen Companies
As a leader in purchasing and managing affordable multi-family HUD properties, The Aspen Companies has customized its management style towards improving underperforming rental communities from top-to-bottom, including capital improvement programs to upgrade building systems, modernize grounds and common spaces and renovate homes themselves. The company possesses a strong working relationship and is held in high regard by HUD national and field offices throughout the Country.
The Aspen Companies also provides full-service management capabilities to third-party real estate investment and property owner clients throughout the country. The Company passes along its expertise and knowledge to outside property owners and developers concerned about effective community operations, raising the bottom line and increasing profit margin.