Titan Vanguard purchased the 3740 N. Jose Lane property, located in Carrolton, TX (Dallas MSA), in December 2014. The goal was to renovate the building while keeping occupancy stable and gradually increase rates over a 5 year time horizon prior to resale. The property was always a neighborhood building in a well trafficked location. We counted about 70% of the tenants living within Carrolton.
After renovations, Titan Vanguard achieved a 30% increase in attainable rates during its ownership of the building, significantly boosting net operating income.
The Rich Young Company handled leasing and specializes in leasing smaller tenant buildings. Together, we were able to increase occupancy from 79% back up to 90% within six months and to 96% within a year. By the end of 2018, quoted rates had increased from $15 to over $20 PSF.
