OMAHA, NE—Locally based Haley Real Estate Group said Wednesday that it's continuing its strategy of acquiring and renovating with five recent apartment acquisitions. The acquisitions from various sellers span three states and total $64.3 million.
The company plans to invest an additional $3.4 million for capital improvements to the communities, which total 1,028 apartment units. The addition of the properties increases Haley's portfolio to 46 properties representing 11,380 units in 13 states.
The two largest deals in the portfolio, totaling approximately $47 million and 592 units, were for Woodscape and Forest Lake, both in Newport News, VA and both acquired from UDR in July, according to Real Capital Analytics. The other properties, all acquired in August, include Fox Run Apartments in Broken Arrow, OK; Pryor Creek Apartments in Pryor, OK; and Meadow Walk Apartments in Arkansas City, KS.
The two Newport News properties offer easy access to City Center at Oyster Point, which has been dubbed the new downtown of Newport News due to its proximity to the Virginia Peninsula, as well as the city's business and retail hubs. Both will undergo interior and exterior renovations, and Forest Lake will also be fitted with new appliances as part of the capital improvement plan.
The 160-unit Fox Run has been renamed Hickory Grove Apartments. Haley plans significant interior renovations to the complex. Elsewhere in Oklahoma, Pryor Creek has 24 unfinished units that will be brought to rent-ready status before the end of the year. Meadow Walk is centrally located within minutes of a variety of employers on both sides of the Oklahoma state line.
“The acquisition of these apartment communities is a product of our commitment to the steady growth of our portfolio in strategic locations throughout the country,” says Doug Hastings, principal of Haley and SVP of property management for DEI Communities, the property management affiliate. “By investing in upgrades to these communities, we are able to enhance our resident's everyday living experience and the neighborhood where they live while simultaneously generating significant ROI and value for our portfolio and our investment partners.”
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
