The Monterey Apartments
MBP Capital, Inc. partnered with a repeat client for the purchase of The Monterey (formerly Kirkwood Park) in October 2014. The client previously worked with MBP Capital on a separate property in Irving, TX which he refinanced out all of his original equity. After refinancing his equity, the investor was ready for another investment opportunity.
MBP Capital represented the client in their acquisition of The Monterey and came in as an investor alongside the client. Catalyst Multifamily Management is managing the property and overseeing the $400,000 ($2,500 per unit) renovation that will take the property from a C Class asset to a B- Class asset. The renovation will include: full interior upgrade including kitchen appliance packages, installing a playground, office remodel, enhancing curb appeal and improving the energy efficiency of the mechanical systems. Less than one year into the project, The Monterey is already out performing the original pro forma rents.