Last September, IPS had become the general partner in the purchase of Whisper Hollow Apartments and Highpoint Village Apartments. The company initially had hired Colorado-based United Management to manage the two complexes, but took over the duties March 1.
"This is a major step in meeting our goals for 2001," says John McCulloch, COO for IPS. "Our property management team at IPS is looking forward to providing first class and professional management for these properties."
McCulloch tells GlobeSt.com that it is his intention to upgrade Whisper Hollow and Highpoint Village. He describes the two properties as being on the cusp between class-B and class-C properties. He intends to upgrade them to class B or class B+.
Highpoint Village, located at 2400 Wickersham, is a 168-unit project built in 1979. IPS intends to invest $1 million to upgrade and refurbish the complex in the coming 18 to 24 months. He also expects to spend between $250,000 and $500,000 on Whisper Hollow, situated at 3300 Parker, during the same time period. The 220-unit Whisper Hollow had been built in 1984.
McCulloch says IPS intends to hold onto the two properties. IPS continues to expand its investment portfolio and considers Austin an attractive fast-growing community.
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