The Commons is a 196-unit class C- multifamily property located at 3333 Nichols Drive, Texarkana, Texas 75503. Built in 1973, the property is a workforce housing asset in a lower income neighborhood. High vacancy, low rents and poor collections, and deferred maintenance were ongoing problems, contributing to the discounted purchase price.
- Deal story: Before Lone Star acquired it, The Commons had a checkered history and poor market reputation, struggling with a carousel of four property management companies in four years, as well as massive built-up deferred maintenance. This problem property drew problem tenants and significant crime and safety issues. At takeover, occupancy was around 50%, with very low quality tenants and rock-bottom lease rents.
- Location: The asset’s location at a prominent intersection in the tertiary market of Texarkana, Texas pointed to significant potential.
- A vital piece of our turnaround plan was to rebrand the asset and to successfully change the culture of both of the onsite staff and the tenant base. The renovation plan cured all deferred maintenance including roofs, mold, landscaping, HVAC, concrete, and staircases; restored all down units, and marked a dramatic return to vibrancy for the property.