The Vibe at Landry Way – REALIZED INVESTMENT
Fort Worth, Texas
Class: C+, value-add
Acquired: 2015 | Sold: 2017 at three times the initial IRR underwriting
Lloyd Jones purchased the asset known as Carol Oaks on June 30, 2015. The property is a 224-unit, Class-C asset built in 1978. Well positioned near two major interstate highways, the site provides easy access to the entire Dallas/Fort Worth Metroplex.
To up-grade and reposition the property, Lloyd Jones executed a $4,470 per unit upgrade package (54% return) and invested $500,000 to improve the clubhouse and landscaping. After rebranding the community as the Vibe at Landry Way and increasing rental rates by over $200 per month, the NOI increased by 54%.
The property sold two years later for 61.32% IRR .
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