It’s a bittersweet week as we’ve finalized the sale of one of our top properties, a property that has been a personal favorite of mine: Falls of Maplewood.
Seven years ago, we purchased Falls of Maplewood for approximately $2.9 Million and sold it this week for $7.8 Million. Together, we turned around this distressed property and saw it become a Houston Property of the Year winner which ranked among the Top 1% highest rated communities in the country for three consecutive years.
Our investors saw an unprecedented return on this investment with total distributions from the property totaling $6.2 Million over seven years. This is approximately 673% back to the partnership and represents a 96% IRR (before lead compensation).
This past weekend, Falls of Maplewood and its staff were awarded our “Rockstar Capital Property of the Year” award at our company Christmas party, which makes saying goodbye to this special property very bittersweet. It has always had a special place in my heart and the Rockstar Capital portfolio, but he opportunity we had to unlock the equity in this deal and redeploy into new and fresh opportunities was too great to resist.
Falls of Maplewood is a property that proudly reflected Rockstar Capital’s growth and commitment to excellence over the last seven years. The staff we had on-site are some of the hardest working and highest performing individuals Rockstar Capital has had; they helped this property shine and we’re excited to see them move to other properties within our portfolio. Our original Maintenance Lead, Jesse Catalan, has since been promoted to Maintenance Supervisor and oversees five Rockstar Capital deals. Kiwi Hall, our long-time property manager, will be re-assigned to work directly with Malissa Alvarado, our COO, and head up a new internal operations department, which we will certainly have more news on in 2020.
Thank you to the amazing staff we have had at Falls of Maplewood over the years, all of our residents who joined us for the ride, and most of all, thank you and congratulations to the Rockstar Capital investors who believed we could deliver an unrivaled return to their investment.