Located in Scottsdale, Arizona, this 276 unit, class A property was managed by Tipton from 2010 to 2014. The owners were able to sell this property at a price 70% higher that the original purchase price, due to property improvements and unit upgrades implemented by the Tipton team. Their return on original capital was in excess of 400% over 4 years.
We assisted our client who purchased the General Partnership interest in this 1980's "C" class asset. Their agreement provided that the new GP would provide the funds necessary to address deferred maintenance issues at the property, improve performance of the property through a management change and position it for a sale within 2 - 4 years.
Tipton was initially retained when the England Group purchased Fieldcrest Apartments (180 units built in 1984) in Carrollton, Texas in the summer of 1994. Tipton successfully implemented a property renovation plan on that property that included new Hardi siding, exterior paint, major asphalt parking lot repairs, clubroom renovation to include the creation of a fitness room as a new amenity, major improvements to the pool area and retaining wall repairs throughout the property. Tipton's performance on this assignment resulted in our being awarded the other assets owned by the England Group in the DFW area, Houston and in Bermuda Dunes CA. From 1997 through 2013 Tipton managed 3000+ units (both A and B quality properties that were built between 1984 and 2003) for the England Group and was instrumental in the eventual sale of their portfolio. The following represents a brief summary of what was accomplished on that portfolio during the time we managed:
Tipton was awarded the management and leasing assignment for the One Summerside Place office building in North Dallas in 1991. The building was a Class "B", two story suburban office building located in the Far North Dallas market area, approximately 1 block west of Preston Road. The building was owned by the Resolution Trust Corporation ("RTC") and was part of a commercial portfolio that they were trying to position for a sale. The building was 65% occupied at the time. Tipton accomplished the following within the first 10 months of our takeover of the management and leasing of the property: