National Asset Services delivered a 115 percent cumulative return on investment to investors in PineCrest Townhomes in Olathe, Kansas. The return was realized with the recent sale of the property to a well-known Kansas City-area developer.
NAS, which has a reputation as a turn-around specialist for underperforming properties, assumed asset management responsibility of PineCrest Townhomes in 2010. Company executives took action to increase occupancy to more than 99 percent, while implementing rigid money management procedures that included negotiating new payment terms with local vendors.
“NAS took over the management of PineCrest at a time when the property was experiencing issues due to mismanagement that caused unacceptable vacancy and poor communication with the investors,” said Bill Heiden, PineCrest investor. “NAS worked with the investors to organize refinancing and hire a new property manager, and was instrumental in turning the property around with refreshing transparency to all investors, culminating in the recent successful sale of the property.”
Built in 2003, a group of tenant-in-common investors purchased PineCrest Townhomes in 2004. The 556,584-square-foot multifamily property consists of 144 luxury townhome-style units on 12.65 acres.
PineCrest Townhomes is located in the Kansas City submarket of Olathe, Kansas.