Casa Miranda Houston TX
Casa Miranda Apartments (formerly Riverbank Apartments) was purchased as a highly distressed Class C property directly from the lender, post foreclosure, at approximately a price of 20% of the previous sales price in 2006. The property was purchased by the previous owner in 2006 for $11,428,000 and Casa Miranda was purchased directly from the bank for $2,100,000.
Casa Miranda is a 320 unit Class C, garden style apartment community, consisting of 24 buildings in total. Upon purchase, the property was extremely distressed, with occupancy just under 40%. After purchasing the property for $2,100,000 cash, extensive renovations began immediately. The capital improvement budget was $2,653,000. The complete exterior was redone; new roofs, new siding, new balconies, new paint scheme and new landscaping.
Significant improvements were made to the Clubhouse. The interiors were gutted out and received new flooring, paint, drywall, cabinets andappliances where needed. Once renovations were complete, a “rebranding” of the property was needed to shed the property of all the bad connotations that were associated with its past.
The property had a “grand opening” and ribbon cutting ceremony, boasting a new name, Casa Miranda (formerly named Riverbank). Casa Miranda was essentially launched as a brand new property and it was very well received by the community. Casa Miranda reached stabilization of 93.1% occupancy, roughly 24 months after acquisition and continues to receive record monthly gross revenues.