Nessel Development's Lake Highlands Landing: Before & After
As part of Dallas-based Nessel Development's multifamily acquisition strategy, underperforming and sometimes undesirable complexes are purchased and repositioned to take the asset from eyesore to a welcomed part of the community. Here's a before and after look at one succssful project: Lake Highlands. It was a gathering point for unfavorable activity. Now, with the repositioning, the property is safer.
Nessel Development president Ari Nessel says the repositioning starts with improving the properties with curb appeal, as well as improvements to interiors and exterior.
Beautifying the property improves the aesthetic appeal from landscaping to fresh paint on the exteriors. Some properties are being upgraded with energy- and water-efficient appliances.
The leasing offices also see significant improvements in the common areas.
Clubhouses are being improved or added so residents can host parties. One property that Nessel Development purchased has an after-school kids club. Most have an exercise room for parents with a playroom area for their children visible from where they're working out.
Most of the assets are getting new granite countertops, along with matching and aesthetically appealing light fixures, bathroom fixtures and faucets. They'll also get water-efficient toilets that reduce water consumption and lower bills.
Interior improvements also will have carpet replaced with hardwood flooring.
Pools are always important in the hot Texas summers, so Ari says they're improved to create places to congregate. Gas barbecue grills are added, as well as shady areas and play areas for kids.
The upgraded pools get oversized checker boards nearby with playground structures. Many are also getting dog parks.
