OLATHE, Kan., June 14, 2018 /PRNewswire/ -- National Asset Services (NAS), one of the Country's leading commercial real estate companies, has successfully delivered a 115% cumulative return on investment to investors in PineCrest Townhomes in Olathe, Kansas. The impressive cumulative 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 quick, aggressive action to increase occupancy to over 99%, while implementing rigid money management procedures that included negotiating new payment terms with local vendors.
In 2011, NAS was one of the first management companies to lead property investors through an innovative strategy involving reorganizing and consolidating a group of 27 tenant-in-common co-owners into a new limited liability company. The formation of the newly created company enabled ownership to take advantage of an IRS code that enabled the contribution of the property to the new ownership entity with realizing a gain or loss. The newly created company then became the Borrower under a new loan.
"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," commented Bill Heiden, PineCrest Investor. "NAS worked with the investors to organize refinancing, 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."
"PineCrest is a great example of our company's ability to move quickly to reverse a trajectory of poor performance and stabilize the asset, while working to appreciate the property's value," commented Karen E. Kennedy, President and Founder of National Asset Services. "We have experienced a very gratifying, long term relationship with the investors in PineCrest Townhomes and are extremely pleased to have delivered such an extraordinary return."
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, situated on 12.65 acres. PineCrest Townhomes is located in the Kansas City submarket of Olathe, KS. Among cities with populations of over 100,00, Olathe was ranked as the 19th fastest growing community by the U.S Census and ranked as the 13th most desirable place to live in the U.S by Money Magazine.
About National Asset Services (NAS)
NAS is a commercial real estate management company that works with over 90 investment groups in properties of a nationwide portfolio valued at over $2 billion. The company manages a wide range of diverse commercial real estate: Office, medical office, multifamily, retail, student housing, assisted living and industrial flex properties. The company manages solely owned and multi-owner properties. NAS offers a wide-range of asset management capabilities. They include: Real estate strategy analysis; long-range business objectives; monitoring changing market conditions; investor relations; real estate and investor accounting; loan modification and workout solutions; exit and hold strategies; leasing & marketing; tenant retention plans; research studies; site selections; feasibility studies; insurance risk management; capital improvement planning and tracking; property tax appeal services and cost segregation services.
Headquartered in Los Angeles, California, NAS operates regional offices in Chicago, Illinois, and Austin, Texas.
For more information about NAS, visit www.nasassets.com.
SOURCE National Asset Services