Meet Mint Urban Red River the MHN Excellence Gold in ‘Value Add’
- Feb 29, 2016
Austin, Texas—A Gold winner in the MHN 2015 Excellence Awards Best Value-Add Renovation Category, Mint Urban | Red River is a 138-unit apartment community, originally built in 1977. Cardinal Group’s turnaround plan focused on controlling expenses and making targeted capital improvements that could result in significant rent growth. The value-add plan called for more than $2.5 million in capital improvements to unit interiors, common areas, building amenities and infrastructure.
When purchased, the buildings were in a state of disrepair and had not been updated or maintained properly for years. The team, with the help of architecture firm 2WR + Partners, took them back to the existing walls, completely renovating every aspect of the building inside and out. Unforeseen conditions as well as environmental, structural and mechanical issues were commonplace on the project, and the team had to overcome all of these to still deliver a successful project on time and within budget.
The project delivered with no significant time delays, was ready in time for summer move-ins, and was 3 percent under budget. The company was also able to increase occupancy to 99 percent from 81 percent and receive average rent prices of $1,075, up from $945. The apartment units now offer new stainless steel appliances, wood flooring, kitchens and baths in a mix of studio, one- and two-bedroom floor plans. To increase amenity options, Cardinal Group added a new lobby and clubhouse, computer bar, complimentary coffee and snack bar, game courtyard, and a newly renovated resort-style pool with private cabanas and fire pits.
The property is located in the North Campus neighborhood, just north of the University of Texas at Austin (UT) campus. North Campus is popular with students; but, unlike the West Campus neighborhood that is mostly populated by undergraduate students looking for a “party” environment, this neighborhood is quieter. So it attracts more upperclassmen, graduate students and young professionals who are not ready to give up on the attractive location close to campus and the social scene is affords. The neighborhood offers residents easy access to the UT campus and to the retail, restaurants and bars along the major commercial area known as “The Drag” or Guadalupe Street, a north-south arterial street that sits along the west side of campus.