Property Management Accomplishments

Barr Residential & Development, LLC is a property management and development company that specializes in multi-family apartment community management and development. Our senior management team has over 60 years of combined property management and development experience. Regardless if your community is conventional, section 8 elderly, or tax credit housing we have the experience to make your property perform its best and develop a successful community.
 
 

Our property management accomplishments include, but are not limited to the following:

$10,617,956

Total Refinancing Activities providing Capital Improvements

Housing Units Under Management

Satisfied Tenants

Gee Corbett

Gee Corbett (38 Units Section 202 Elderly) – Took over the Management 1/9/03. Submitted a Budget Driven Rent increase 10/1/03. Rent increase of $47,448 ($104.05/pupm) annually approved effective 1/1/04. Submitted refinance package in 2007 to rehab the property, received funds of $306,000 for property improvements. We also were able to reduce the interest rate in 2015 from 5.5% to 3.7% producing monthly savings of $1,453/Mo or $17,436/Yr.

Ujima Village

Ujima Village (36 Units Section 202 Elderly) – Took over the management 6/1/02. Submitted budget driven rent increase 9/1/02. Rent increase of $6,480 annually ($15/pupm) approved effective 1/1/03. Property achieved 100% Occupancy 1/04 for the first time ever in the history of the property.

Pardue Street

Pardue Street (165 Units) – Took over the Management 3/1/02. Submitted budget to market rent increase 4/1/02. Rent increase of $46,044 annually ($23.25/pupm) approved effective 7/1/02. REAC Inspection of 51 increased to 73 in 1/03. 36 vacant units (26 boarded up) occupancy today is 100%.

Beacon Light

Beacon Light (108 units) – Took over management 12/16/02. Submitted Budget to Market Rent Increase 12/19/02. Rent Increase of $56,208 ($43.37/pupm) annually approved effective 2/1/03.

Beacon Pointe

Beacon Pointe (104 units) – Took over management effective 1/9/03. Submitted budget driven rent increase 2/1/03. Rent increase of $86,208 ($69.08/pupm) annually approved effective 5/1/03. REAC Inspection increased from 40 to 70 in July 2003. Management Review improved from Unsatisfactory to Satisfactory in November 2003.

Easley

Easley (40 units Section 202 Elderly) – Took over Management 5/1/03. Prepared and submitted an A-7 Refinance package reducing the interest rate on the mortgage from 7.5% to 5.45% and annual debt service savings of $9,528. Capital improvements of $172,000 made with the refinancing. Cash Flow 1/1-4/30/03 -$942.00, 5/1-12/31/03 – $37,357.00. Then in 2015 we submitted a 223(f) refinance package reducing the interest rate from 5.82% to 3.87% producing a cash distribution to the owner of over $550,000.

McDuffie Village

McDuffie Village (50 Units) – Took over the Management 5/1/03. Submitted budget to market rent increase 5/15/03. Rent increase of $19,440 ($32.40) annually approved effective 7/1/03.

Ramblewood

Ramblewood (96 Units) – Took over the Management 11/25/03. Submitted budget to market rent increase 12/10/03. Rent increase of $92,352 ($80.17/pupm) annually approved effective 2/1/04.

Lakeview Village

Lakeview Village (40 units Section 8 Family) – Took over the Management 10/15/04. Submitted budget rent increase on 6/1/05. Rent increase of $82,032 ($170.90/pupm) annually approved effective 10/2/05. Refinanced the property in 2015 producing a $600,000 distribution to the owners without increasing the monthly mortgage payment.

Greenleaf Grace Village

Greenleaf Grace Village (41 Units Section 202 Elderly) – Took over the Management 2/1/05. Submitted budget to market rent increase 1/1/05. Rent increase of $25,092 ($51/pupm) annually approved effective 3/1/05. The property had over $15,000 Accounts Payable, which we were able to reduce to ZERO by year end 2005.

St. James Plaza

St. James Plaza (40 Units Section 202 Elderly) – Took over the Management 2/1/05. Submitted budget to market rent increase 2/1/05. Rent increase of $32,160 ($67/pupm) annually approved effective 3/1/05. At takeover the property had over $32,000 in Accounts Payable, which we were able to reduce to ZERO by year end 2005.

St. John Housing

St. John Housing (40 Units Section 202 Elderly) – Took over the Management 2/1/05. Submitted budget to market rent increase 3/1/05. Rent increase of $76,464 ($177/pupm) annually approved effective 2/1/04. At takeover the property had over $43,000 in Accounts Payable, which we were able to reduce to ZERO by year end 2005.

Courtyard Apartments

Courtyard Apartments (160 Units) – Acquired and took over the Management 8/15/07. Prepared HUD 221(d) 4 loan to HUD for completed renovation. Initially closed on December 31, 2008, renovations of over 5,000,000 began the next day. Also secured a $39,000/month ($468,000 annually) rent increase. We sold the property in October 2013 for $9,500,000 for a profit over $2 Million.

Sandy Run Apartments I & II

Sandy Run Apartments I & II (152 Units) – Took over the Management 9/1/05. Submitted budget to market rent increase 9/1/05 & 5/1/2009. Rent increase of $677,340 ($371/pupm) annually approved effective 10/1/05 & 7/1/09. Prepared Refinance package reducing the interest rate on the mortgage from 8.5% to 5.8%. With the refinance the property was completely renovated at a cost of $4,873,018.

DeSoto Square Apartments

Desoto Square Apartments (32 Units Section 202 Elderly) – Took over the Management 1/1/07. Submitted a Refinance package to HUD, which produced $155,000 to be spent on property renovations. We also were able to reduce the Interest rate from 9.25% to 5.82% all while reducing the Monthly Mortgage Payment by $1,802/Mo or $21,624/Yr.. We also were able to reduce the interest rate again in 2015 from 5.82% to 4.09% for an additional monthly savings of $1,159/Mo or $13,908/Yr.. Just received a 99B REAC Score in August 2016. The Reserve for Replacement balance when we took over the management was $47,000, as of 10/2016 we have $186,200.

Cross Creek

Cross Creek (122 units) – Maintained Occupancy of over 95% and assisted the owners with refinancing the 221d(4) loan producing a monthly debt service savings of $10,362 or $124,338 annually. Property Sold in May 2004 for a profit of over $2 million.

Crown Ridge

Crown Ridge (168 units) – Took over Management 7/1/02, delinquencies were over $30,000, or 26% of the monthly rent, Occupancy was 86% and operating expenses were $5,183 per unit. Today delinquent rent is $974 or .7% of the monthly rent, Occupancy has averaged 93% and Operating Expenses are $3,190 per unit.

Cypress Pond

Cypress Pond (264 units) – As developers, construction was completed in May 2005. This is a luxury Class-A, 221d(4) FHA insured property. Property Sold in November of 2005 for a profit of over $8 million.

The Grand @ Day Point

The Grand @ Day Point (160 Units) – Acquired and took over the Management 8/15/07. Prepared HUD 221(d) 4 loan to HUD for completed renovation. Initially closed on December 31, 2008, renovations of over 5,000,000 began the next day. Also secured a $39,000/month ($468,000 annually) rent increase. We sold the property in October 2013 for $9,500,000 for a profit over $2 Million.

Heritage Apartments

Heritage Apartments (143 units) – Took over the management on October 1, 2003. Converted to Sub-metered water/sewer with no reduction in rent for a savings of $111,633 annually @ 95% occupancy. Redirected marketing efforts moving in 12 residents in November and December 2003 with only 25% short term leases, compared to 13 move-ins in the prime leasing months of August and September with 62% short term leases.

Puller Place

Puller Place (240 units) – As developers, this property completed construction in 10/06. This is a luxury Class-A, 221d(4) FHA insured property. We have been able to increase rents on average $73/month with average occupancy over 97% for 2008. Cash flow distributions to investors has averaged over $46,000 per month for the 1st Quarter of 2009. Based on the initial investment, our investors are enjoying a 40% cash-on-cash return.

Sedgefield Square

Sedgefield Square (124 units) – Took over management on 4/1/02, annual operating expenses were $3,909, reduced to $2,823 and then the property was able to be sold for a profit.

The Summit @ Cross Creek

The Summit @ Cross Creek (128 units) – Took over Management on 3/17/02 @ 4.5%, in September 2002 owners increased our fee to 5% based on our performance. Refinanced in May 2004. Property Sold in August of 2004 for a profit of over $2 million.

Princeton Terrace

Princeton Terrace (144 units) – Took over Management 10/1/04, assisted owner in refinancing the property for a savings of over $10,000/month. Reduced operating expenses from $3,800 PUPA to $3,100 PUPA and increased Occupancy from 89% to 99%.

The Grand on Julian

The Grand on Julian (240 units) – As developers, this property began construction in June 2008. This is a luxury Class-A, 221d(4) FHA insured property. Construction was completed in 2010. We have been able to refinancing the mortgage reducing rate from 5.95% to 3.6%, producing a monthly interest savings of $35,078 or $420,936 Annually.

The Grand in Kannapolis

The Grand in Kannapolis (240 units) – As developers, this property began construction in February 2009. This is a luxury Class-A, 221d(4) FHA insured property. Construction was completed in 2011 and occupancy was stabilized by year end at 95%. We were able to position the property for sale and it sold in February 2014 for $28 Million, $5 Million over the mortgage balance.

Call Us Today at (336) 644-1262

We can discuss how we can meet your property management and multi-family investment and development needs. We hope you will find our web site helpful and informative. Barr Residential & Development looks forward to serving you and your property management and investment needs for many years to come.

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