Current portfolio consist of 1,288 units spread among five properties
Hamilton at Turman Farms, 496 Units, Horn Lake, MS (Memphis, MSA)
Constructed in 2007, AHI and BNB Partners purchased Hamilton at Turman Farms on March 11, 2011. A marketing and renovation program was put in place immediately after closing, focusing on new marketing sources (new web-site, featured advertisements, etc.), property amenities, sub-metering of water/sewer and unit improvements. To date ownership has expanded the fitness center by 400 square feet, replaced all fitness equipment with state of the art cardio theater machines and individual weight stations, remodeled the clubhouse and renovated units to include new cabinetry, countertops and fixtures.
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After Fitness Center (New 400 SF Addition)
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Homestead at Morton Grove, 82 Units, Morton Grove, IL (Chicago MSA)
AHI and BNB Partners are the primary equity partners in an 82 unit senior living development currently under construction. Completion is scheduled for 1st quarter 2012 and will consist of 8 one-bedrooms and 74 two bedrooms apartments. Located on Lincoln Avenue, the property has a premium location across from St. Paul Woods forest preserve and is within close proximity to nearby retail and health care destinations.
Villages Portfolio, 710 Units in Central FL (Orlando and Tampa MSAs)
Village at East Lake (250 Units, Clermont, FL)
Village at Lake Ned (212 Units, Winter Haven, FL)
Village at Park Road (248 Units, Plant City, FL)
Constructed in 2000, The Villages portfolio consists of three properties in Clermont (Orlando, MSA), Plant City (Tampa MSA) and Winter Haven (Tampa MSA). The portfolio is encumbered with HUD debt and closed on March 19, 2009 (recapitalization of the partnerships sponsored by Alex Brown Realty) with Andover Hill Investments, BNB Realty and Oculus Development, LLC. The previous capital structure prevented much needed capital improvements. Within 60 days of closing, an additional 80 units spread among all three properties were leased, dramatically increasing occupancy and collections. A renovation and repositioning program began in May 2009 with a focus on project amenities and interior finish. The clubhouse was substantially renovated to include a state of the art fitness center and club room. Unit interiors are being renovated with new kitchen cabinetry and countertops, new flooring, fixtures and hardware. Average rent premium is $75 per unit.
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After Exterior (New Shutters and Landscaping)
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