Gia @ West Chase
Located in the desirable West Chase district, Gia @ West Chase Apartments is a 108-unit apartment community. Te-Enterprise’s multifamily housing Fund purchased this underperforming community from a bank at a discount in October 2010. Since then, the Fund has retained a strong on-site management team, carried out calculated rehabilitation, controlled operating expenses, and implemented niche marketing. As a result, the property has substantially increased rents and occupancy, reduced operating expenses, and achieved higher net operating income.
Gia Capital refinanced the property in 2013 with permanent debt to return the largest increment of investor equity capital possible, and is currently holding the property for operational cash flows. Gia Capital is currently in the process of upgrading the property to Class B, which will increase rents and attract a slightly more affluent customer segment.