Central Region

Texas 22 Portfolio

Units: 4,275 | Date Purchased: 2014 Texas 22

Villas of Sorrento

www.VillasOfSorrentoApartments.com
Address: 3130 Stag Road Dallas TX 75241
Units: 220 | Date Purchased: January 2015

Windmill Terrace

www.windmillterrace.com
Address: 2200 Murphy Dr. Bedford, TX 76021
Units: 284 | Date Purchased: October 2012

The Cove at NOLA

www.thecoveatnola.com
Address: 10501 Curran Blvd. New Orleans, Louisiana 70127
Units: 300 | Built: 1981 | Date Purchased: December 2013

Bedford Oaks Apartments

www.bedfordoaks.com
Address: 1400 Shady Lane Bedford, Texas 76021
Units: 136 | Built: 1980 | Date Purchased: December 2013

Central Park

www.centralparkarlington.com
Address: 2001 South Cooper Street, Arlington, TX 76010
Units: 191 | Built: 1968 | Date Purchased: October 2012

Central Park 2

www.centralpark2arlington.com
Address: 2019 Cooper Corner Arlington, TX 76010
Units: 140 | Built: 1978 | Date Purchased: October 2012
Property Name

Legends at Lake Highland

www.legendsonlakehighlands.com
Address: 11201 East Lake Highlands Drive, Dallas, TX 75218
Units: 356 | Built: 1979 | Date Purchased: October 2012

The View at Kessler Park

www.viewatkesslerpark.com
Address: 2511 Wedglea Drive, Dallas, TX 75211
Units: 300 | Built: 1962 | Date Purchased: October 2012

Sedona Springs

www.sedonaspringsapartments.com
Address: 1516 Arbor Town Circle Arlington, TX 76011
Units: 200 | Built: 1979 | Date Purchased: AUGUST 2012

Highpoint Townhomes

www.highpoint-apts.com
Address: 6533 East Medalist Circle, Plano, TX 75023
Units: 140 | Built: 1986 | Date Purchased: JULY 2012

Hunters Green

www.huntersgreen-apts.com
Address: 5101 Overton Ridge Blvd., Ft. Worth, TX 76132
Units: 248 | Built: 1982 | Date Purchased: JULY 2012

Huntington Meadows

www.huntingtonmeadows-apts.com
Address: 2311 Stratton Lane, Arlington, TX 76006
Units: 250 | Built: 1984 | Date Purchased: JULY 2012

Saddlewood Apartments

www.thesaddlewoodapts.com
Address: 2554 Loop 410 N.E., San Antonio, TX 78217
Units: 282 | Built: 1973 | Date Purchased: MARCH 2012

The Cove at Biloxi Bay

www.CoveAtBiloxiBay.com
Address: 221 Eisenhower Drive, Biloxi, MS 39531
Units: 176 | Built: 1986 | Date Purchased: SEPTEMBER 2011

Executive Summary:
The Cove at Biloxi Bay was sold by the Lender as a foreclosure sale. The property was approximately 85% occupied at the time of closing in a market averaging over 94%. The Cove has historically been well occupied in the mid 90’s, but has dipped in the last 12+ months due to lack of capital for repairs and lack of motivation from the Lender/Owner. SRC plans to cure the deferred maintenance at the property and renovate the interiors with washer/dryers, wood flooring, baseboard molding, new appliances and upgraded counter tops. SRC will also upgrade the property amenities by creating a new business center, expanding the fitness center, installing a new dog park, upgrading the pool furniture and improving the landscaping curb appeal. SRC projects to stabilize at 95%+ occupancy and refinance most or all of the equity invested within 12 to 18 months.

Cantebria Crossing

www.CantebriaCrossing.com
Address: 1950 Oak Creek Lane, Bedford, TX
Units: 176 | Date Purchased: January 2011

Stonebridge Manor Apartments

www.StonebridgeManorApts.com
Address: 3300 Wall Blvd, Gretna, LA 70056
Units: 264 | Date Purchased: January 2011

Huntington Park

www.TheHuntingtonParkApts.com
Address: 7019 Crowder Blvd., New Orleans, LA
Units: 161 | Date Purchased: December 2007