Bay Island at Harbor Point
Bay Island was purchased off-market in November 2013 by a local Dallas group and an investor out of California. The property is well located with views of Lake Ray Hubbard. Immediately after acquisition a renovation program began which included: interior unit upgrades, new roof, leasing office upgrade, full exterior paint, resealing and restriping the parking lot and curing other deferred maintenance.
Catalyst Multifamily Management kept the property 90%+ occupied during the renovation and the ownership group was able to exceed the budgeted equity draws every month. 21 months after acquisition the ownership group refinanced the property with a supplemental loan returning over 100% of the original equity.