Country Club Place, Barvin Group

Houston, Texas
2015
Introduction

When Barvin Group acquired Country Club Place, the property was undergoing a transformation, with several buildings in the midst of renovations and one dilapidated down to the studs. Upon takeover, Asset Living immediately began working to ensure that the transformation was going to be a positive one, ultimately maximizing ROI and capitalizing on the potential of this blank slate property.

Services
Capital Improvements
Financial Planning and Analysis
Marketing
Operations
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Zimmerman property lounge area with apple computers
The Problem
  • Completing urgent renovations
  • Stabilizing occupancy and expenses 
  • Improving the overall resident experience
  • Overcoming the property’s less desirable attributes such as minimal amenities, location, and a comparatively high price point
Our Solution


Oversaw the completion of $7.5 million in renovations 

At takeover, this property was in a critical stage of renovations. Asset immediately took charge to ensure the project continued to make progress, helping the owners to earn the best return on their investment. The process resulted in a living environment that was safer, cleaner, and more attractive to tenants, adding tremendous value to each renter and the owner, with a 55% increase in rental rates. 

Provided expert leadership in staff training and business planning

Asset helped to refine and improve this property’s direction by leveraging our years of real estate experience to enhance everything from operations to strategy. This included strengthening staff knowledge through Grace Hill courses, solidifying the property’s business plan, and stabilizing ongoing income and expenses to meet goals. With Asset Living’s support, the staff was able to successfully provide a positive resident experience that led to an improved online reputation, increase in brand presence, and ultimately a quick lease up.

Modernized Country Club Place’s marketing approach

Armed with brand new renovations and a newly revitalized resident experience, Country Club Place was in need of a marketing overhaul, too. Asset focused on improving the property’s online presence, seizing every opportunity to make meaningful connections with potential residents. This meant redesigning the Country Club Place website and encouraging current and past tenants to leave reviews. On top of an improved online presence, Asset also helped the property implement a 30-60-90 follow-up program that continues to provide insights to the on-site resident experience and overall satisfaction.


Beth G.
Chief Operations Officer, Barvin Group
"
When Barvin hired Asset to manage this severely distressed property, only one of its five buildings was habitable and occupancy was a dismal 10%. Even during the major overhaul, the Asset team outperformed the submarket, consistently maximizing occupancy and rent. Asset continued to exceed expectations throughout the six years of Barvin's ownership and was instrumental in the success story that culminated in the lucrative disposition of the property in 2019.”
The Results
  • Increased occupancy from 50% to 98%
  • Raised rental rates from $500 to $771
  • Refinancing that returned 40% of equity to owner
  • Effectively dispositioned in 4 years with an IRR of 30.3%
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