SAN FRANCISCO, CA (SEPTEMBER 2020) — Polaris Real Estate Partners, principal investors and managers of multifamily properties in the mid-western and central United States, has sold the Aero Apartments in Ft. Worth, TX. This sale is the eleventh full-cycle capital event of their current portfolio – properties acquired, improved and then sold – of 26 assets purchased since 2012. The average net return to investors for the eleven projects sold was 128.3%, or 29.3% annualized.
“At the time of purchase, Aero, formerly known as Urban Manor, was suffering from extensive deferred maintenance issues and a distressed operational history. Further, common area amenities had been neglected, contributing to a resident experience that was lacking in many of the standard conveniences. We both upgraded the property’s physical plant, replacing windows, sliding doors, balconies and wood trim throughout, added a laundry center, completely redesigned and upgraded the clubhouse and installed a resort-style pool. We also rebranded the property to change its standing in the community. These and other efforts doubled the value of the property in a little over three years, providing our investors a net return of 75%, or 24% annualized,” stated Travis Pacoe, managing general partner of Polaris Real Estate Partners.
“We are planning to complete a 1031 exchange with the proceeds, allowing our Aero investors to defer capital gains taxes while additionally providing equity in a new investment for non-trading investors who wish to join us,” general partner Ron Abta noted. “We will continue to pursue value-add opportunities that offer strong returns while monetizing gains for our investors through refinancing and sales.”
Polaris Real Estate Partners specializes in multifamily investment in the mid-western and central United States, with its principals collectively holding 40 years of direct real estate investment experience. With substantial, dedicated equity, the company and its principals have acquired multifamily properties, warehouses, manufacturing facilities and retail properties as well as improved and unimproved land. Polaris is also deeply committed to enriching the lives of its residents through its community improvement efforts. Polaris Real Estate Partners is currently seeking individual properties or portfolios of 200 to 1,000 units in size in its targeted areas.