Today, we closed on our second Dallas sale in the span of four months. We purchased L2 Uptown in May 2020 for $70.5 million and sold the property for $112 million.
Our associates at L2 performed at an elite level between May and September of 2021, making the property sale possible. Sales manager Val Moreno took over L2 in April and jumpstarted big-time results.
“It was a collaborative effort,” Valerie said. “Whether it was tag- teaming or finding out exactly which unit needs what, we made every aspect count.”
In May of 2021, L2 Uptown was at 53-percent economic occupancy. But with the right people, plans and process, September’s numbers were dramatically different. L2 hit 92-percent, which required renting 178 units in five months.
Our L2 Uptown team successfully positioned the property for sale and achieved the following:
- Improved NOI by $2.2 million, a 70-percent increase from prior owner
- Increase other income by $840k, a 126-percent increase from prior owner
- Increased value $41.5 million in less than two years of ownership, a 59-percent increase
- Finished 2021 $273,019 ahead of NOI
- Estimated 75-percent IRR
“This team lived our Core Values,” regional head Dan Pisegna said. “They were relentless in driving occupancy, other income and increasing rent roll.”
As the team saw success, operations manager Veronica Maddox continued holding our associates accountable to executing our systems. The team looked at each day as a new opportunity to improve the next phone call, next tour and how to raise the rates.
“Veronica is by the book,” Valerie said. “Between her positivity and system execution, she drives our culture. Veronica stays on top of her day and never gets too distracted.”
The foundation of our house, people and productivity, was rock solid at L2 Uptown. The team’s hard work paid off.
Congratulations, L2 Uptown, on the $112 million sale:
- Val Moreno – general manager
- Veronica Maddox – operations manager
- Britni Parks – senior sales associate
- Manny Melchor – lead tech
- Terry Fowler – turn tech
- Michael Stovall – grounds
- Tammy Prichard – housekeeper
- Dan Pisegna – regional head