Evergreen RE Management LLC was founded in April 2019 to manage a 216 unit Class C multifamily asset in a Class C location in Dallas, until the sale of the Property in November 2021. At present, Evergreen is the Manager for Regalia Bella Terra Apartments, a 227 unit Class A Property in Katy, TX.
The Dallas Property was initially managed by a major management company that was not able to operate the Property, and brought down occupancy from 96% to 80% within 6 months. Subsequent property managers brought down economic occupancy to 68%.
From May 2020 until the sale in November 2021, the founder took over as Acting Property Manager at the Property, and successfully turned around the Property during the Pandemic, despite high delinquencies and the statutory eviction moratorium. During this period, Evergreen was able to:
By the time of the sale of the asset in November 2021, Evergreen was able to increase economic occupancy from 68% to 94%, raise effective rents from about 86c PSF to over $1.04 PSF and increase revenues by 36% from the time it took over management. The asset was sold at a multiple of 4x the initial investment and an annualized IRR in excess of 35%.
Since December 2021, Evergreen has successfully managed Regalia Bella Terra Apartments - see Investment in Regalia Bella Terra Apartments.
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