The Aspen Companies Expands Into Southeast U.S. With Purchase Of Five HUD Properties In Key Urban Markets
New Jersey-Based Company Adds More Than 700 Affordable HUD Apartments in Tennessee, South Carolina, Georgia and Florida
TEANECK, NJ – The Aspen Companies, the Teaneck, N.J.-based real estate concern which focuses on investing in affordable rental properties throughout the country, has recently completed a large portfolio-style deal which will significantly increase its presence in key urban markets in the southeastern United States.
The Aspen Companies has purchased five properties totaling more than 700 apartment homes in prominent Cities including Memphis, TN, Greenville, SC, Augusta, GA and Gainesville, FL. The Aspen Companies has turned its attention to Southern markets as part of an aggressive expansion program to add a large number of high-performing and well-located project based section 8 apartment assets to its growing portfolio of rental homes.
The Aspen Companies is already one of the leading and most notable HUD owners and managers in the northeast. The company 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.
“By tapping into niche markets such as HUD apartment buildings, we’ve been able to grow our business tremendously over the past three years with value-added acquisitions,” says Adam Mermelstein, a principal of The Aspen Companies. “Specifically, we’ve focused on distressed properties in urban middle-class neighborhoods where there’s a strong demand for quality housing that’s also affordable. While these properties have been underperforming, the locations make them prime candidates to be repositioned into positive cash flow holdings.
“Our acquisition approach and strategic improvement programs have allowed us to purchase, 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. It’s a recipe that’s been tremendously successful in the northeast where all of our HUD properties are achieving historically high occupancy levels. We fully expect the same results in these recently acquired southeastern assets.”
Among the properties The Aspen Companies has purchased are:
. Majestic Oaks, a collection of 172 garden- style apartment homes located at 5800 SW 20th Avenue in Gainesville, FL. Aspen purchased the one-, two- and three-bedroom home community for $6.5 million. The property contains an on-site pool. Improvements planned include new roofs, parking lot paving, building siding, interior apartment renovations, resurfacing of the basketball and tennis courts and upgrading playground equipment.
. The $4.9 million purchase of River Glen Apartments located at 201 East Telfair Street near the historic section of Augusta, GA. River Glen features 192 two-bedroom rentals situated in 23 buildings. Aspen plans vast upgrades to the property including roofing, common area hallways, landscaping the addition of security patrol, new playground equipment and interior apartment renovations.
. The Aspen Companies acquired two garden-style apartment properties in Memphis, TN. The firm purchased the 150-home Keystone Landing community for $4.5 million and the 120-unit Pendleton Place community for $3.14 million.
Located at 4266 Ridgestone Road in the Raleigh section of Memphis, the gated Keystone Landing community features one-, two-and three-bedroom homes in two-story buildings. Improvements planned include roofing, common area hallways, landscaping, the addition of security patrol and interior apartment renovations.
Pendleton Place features two-bedroom apartments situated near the Memphis International Airport at 1780 Pendleton Street. Improvements planned are similar to Keystone Landing, such as roofing, common area hallways, landscaping, the addition of security patrol and interior apartment renovations. Aspen will also add new playground equipment.
. Fleetwood Manor, a two-story garden apartment community at 25 Fleetwood Drive in Greenville, SC, was purchased by The Aspen Companies for $3 million. Fleetwood Manor consists of 100 one-, two-, and three-bedroom homes in one of the fastest growing metropolitan areas in the Country. Aspen will renovate the property including roofing, interior renovations and the addition of new amenities, including a playground.
For additional information on The Aspen Companies, please call 201-379-5504 or visit 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.