Click here to view the TOP 10 Largest Houston-Area Residential Property Management Firms. Houston Business Journal
February 28, 2013
Ascension Commercial Real Estate, L.P. (“ACRE”) and Juniper Investment Group, LTD. (“Juniper”) are pleased to announce they have broken ground on Faudree Ranch Apartments, a 300 unit Class A multifamily project located at intersection of Faudree Road and East Bankhead Highway. The apartments will include one, two and three bedroom floor plans and feature granite counter tops, island kitchens, 9 foot ceilings and crown molding. Faudree Ranch will offer garages and covered parking, a fully appointed clubhouse with business center, fitness center, resort style pool with cabana and outdoor kitchen, sand volleyball court and putting green.
Blazer Building, Inc. of Houston, the general contractor, has commenced construction. Units will be available in late 2013. For marketing information on this project, please contact Lisa Towne of First Choice Management Group, Juniper’s property management affiliate, at 210-690-2550.
Ascension Commercial Real Estate, L.P. and Juniper Investment Group, LTD. are both Houston based multifamily investment, management and development companies with assets concentrated in the Southwest. Together both companies manage 20,000 multifamily units. Operating principals include Jay Rippeto, Mike Novelli, Jim Wood and Dave Meaden, whom together have 100 years of combined commercial real estate experience. You can visit our website at www.ascensioncre.com and www.juniperinvestmentgroup.com.
FOR IMMEDIATE RELEASE:
May 7, 2010
Ascension Commercial Real Estate LP is pleased to announce the following transaction:
Ascension Commercial Real Estate, LP (“ACRE”) has purchased the 270-unit Tierra Del Sol Apartments formerly known as Timber Hollow Apartments. Situated on 10 acres, the property is located at 8000 Cook Road, Houston, TX 77072. The community consists of 21 buildings with 1, 2, and 3 bedroom units ranging from 581 to 1200 square feet. Amenities include 2 swimming pools, new playground area, clubhouse and picnic area.
The property was acquired through a partnership using private equity arranged by the principals of ACRE. ACRE has launched a major renovation and rehabilitation of the property consistent with previous turnarounds. The plan consists of complete exterior and interior upgrades with new roofs, siding, landscaping, appliances, fixtures, and flooring.
Ascension Commercial Real Estate LP is a turnaround specialty and property management company focused on maximizing asset potential of multifamily properties. Operating principals include Jim Wood, Ken Lawrence and Mike Novelli whom together have 70 years of combined commercial real estate experience. You can visit our website at www.ascensioncre.com.
Ascension Commercial Real Estate, LP
After the DESTRUCTION of Ike, apartments see REBIRTH
Real Estate Correspondent
A new day is dawning on the newly renamed El Sol del Rio apartment complex in west Houston, whose new owners were faced with an even more daunting renovation effort than they bargained for after Hurricane Ike struck.
The 424-unit complex at 14450 Rio Bonito Road held a grand re-opening June 6 following months of renovation work that began before the storm.
Formerly known as the Westﬁeld Apartments, the complex originally was built in the early 1980s, said Jim Wood, president of Ascension CME, which in addition to managing the property also is part owner with other investors.
“I would say poor,” Wood said of the complex’s condition when the new ownership team purchased the property in early 2008.
There were approximately 50 holes in the buildings’ stucco walls, causing some of them to buckle, and the swim-ming pools’ wooden decks were rotten and warped, he said.
Ascension drew up a $3.5 million capital improvement plan (approximately $1 million of that going for insurance) and set out renovating the complex that summer.
Ike set that effort back. Wood said the storm’s ﬁerce winds tore another approximately 100 holes in the buildings’ walls, allowing some water penetration. About 200 units received some kind of impact from the storm, both major and minor.
Some residents left the complex after the storm and never returned, and some had to be placed in new units because of damage to their original apartments. The complex remained open throughout the renovation effort, although the occupancy fell to approximately 40 percent, Wood said.
Now the complex is approximately 70 percent leased, with about 40 units not yet completed. Wood said he expects those will be ﬁnished and ready for rental by the end of June.
A major part of the renovation was replacing the old stucco walls with HardiPlank siding, with borders between the buildings’ second and third ﬂoors.
The units’ interiors also have been renovated, with new architectural details such as capped handrails on the stairways. The old wooden pool decks were ripped up and replaced with pavers, Wood said.
“It’s like a brand-new complex,” he said. “We went from being one of the worst in the neighborhood to being one of the best in the neighborhood.”
With a new look, he said, the complex deserved a new name. Ascension CME also was involved in the renovation of a complex in Dallas now called El Sol del Lago (or The Sun of the Lake), and Wood said the new ownership decided that “El Sol del Rio” ﬁt the Houston complex because of its location on Rio Bonito Road.
The complex has eight ﬂoor plans, including one-and two-bedroom plans. Some units have ﬁreplaces and wood-like ﬂooring on the ﬁrst stories. The units have two-tone paint and ceiling fans. The complex also features a tennis court, three swimming pools and three laundry centers.
Wood said the complex is offering promotional specials on the remaining units.
“It’s an opportunity for people to get into a really nice complex at a very good price,” he said.