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Rehabilitation Is
The Core Concept |
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Like the mythical Phoenix, which rose from
the ashes of destruction back to life, so is the mission of Barrington Group Inc's RENEW Program
(Real Estate Needing Extensive
Work) - taking properties from the "ashes"
and restoring them to service. |
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The Barrington Group (www.barringtonusa.com) has a 35 year history of apartment construction, development, and management. That history takes them from buying distressed multifamily projects in the early 1970's in the Midwest and applying sound property management to vastly improve a property's performance and value..to expanding their management skills by acquiring properties in six states..to buying boarded up and vacant properties nationwide to reposition and turn them into successful operating properties in the 1990's..to designing and constructing BGI's new townhome properties in the early 2000's.. to developing multifamily waterfront land in Florida at the end of the first decade of 2000.. and NOW...returning to the repositioning of destroyed, abandoned, or neglected properties.
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The diversity of BGI's experience in the multifamily housing industry is apparent when considering their product types and markets. The RENEW Program, however, was formed to take advantage of our experience and track record specifically on those types of properties that are distressed but located in good markets while the rest of BGI's resources concentrate on new construction and development markets.
RENEW Program type properties that have already been completed share some specific characteristics. BGI, (in conjunction with its partner the Metzger Company in Atlanta, GA) acquired those properties by... |
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...paying cash, completing the rehab, and then using its management and marketing skills to rent up and stabilize the property.
All of the RENEW Program properties are market rate. There are no subsidies of any kind on RENEW Program properties.
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When appropriate, a new, long term mortgage was obtained, returning all the investment capital.
BGI has won several awards for their efforts, and has been recognized by the League of Cities for the outstanding contribution that their repositioning has made to cleaning up and improving areas that were causing decay because of the subject property.
CASE STUDY
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