9th Street Apartments

9th Street Apartments was purchased in January of 2022. it was originally named turtle Cove apartments and was owned by the same partnership for 15 years. Prior ownership self-managed from out of state it had not aggressively pushed rents or updated units for many years. TJF investments has slated approximately $2 million in upgrades for the property. Improvements include a smart packages, complete redesign of the pool area and fitness center as well as the clubhouse. The exterior has been painted and landscaping was refreshed. Interiors has been updated to a modern standard with solid surface countertops, new cabinetry, appliances, updated bathrooms with glass enclosure showers and washer/dryer packages. The goal is to update the property to complement phase two of the development which will add 72 units furnished with modern amenities and garages.

The properties had not received any capital improvements by the two previous owners. Stardent saw the opportunity to increase the income through a simple unit upgrade which included new flooring, appliances, fixtures, and paint. The relatively low-cost upgrade resulted in $50 to $150 increases in rent at both properties. This allowed the partners to refinance their equity out of Fairways in 2020 while still having a 1.6x DSCR.Southbrook sold in April of 2023 at a difficult time in the finance markets for a 2.3x equity multiple.

TJF Investments is a partner in this 410-unit Multifamily Portfolio of two properties located in DFW. Cantera Crossing is 230 units located in West Dallas (approximately 2.5 miles from Town Lake I & II) and Rolling Hills is located in Irving, TX one of the most highly sought after submarkets in DFW. The property was acquired in December of 2020. The purchase was a rare, off-market opportunity to acquire strong in-place cash flow plus the ability to increase NOI through renovations and management improvements.

The previous owner held both assets for over 20-years on average and never implemented a value-add strategy. The rents were around $50-$100 per unit under market before any capital improvements are taken into consideration. The business plan is to start billing back for water, sewer, pest and implement several other income strategies. After implementing all the value add strategies the NOI should increase over $200,000 adding approximately $4M in value or nearly $10,000 per unit which equates to a 2.12X Investor Equity Multiple.

Meadowview is a 34-unit apartment complex the was purchased in 2020 after a fire impacted half of the units and the prior owner was not insured to fix the damage. Mr. Franks repaired and renovated the property in 2021. The units have modern finishes with ceramic plank flooring, granite countertops, new cabinetry, and fixtures The exterior was also renovated with new windows, roof, parking lot, wood replacement, and paint. We also replaced and update the MEP in half of the building. Meadowview is one of the most desirable properties to live at in Paris, Texas

Red Spartan & Behrooz Capital

Red Spartan & Behrooz Capital is a hard money lending company founded in 2014 by Mr. Franks. Mr. Franks started the company lending his own money to help his friends and clients that needed extra cash that they could not borrow through traditional means. Loans range from hundreds of thousands to many millions with an average term between 1 and 5 years. Clients have used the money as a bridge to improve their property or business values as well as buy out partners. All loans to date have been paid back in full under the agreed upon terms.

West Fork at Weatherford

West Fork at Weatherford is a 101 bed Luxury Assisted Living Facility. Construction was completed in 2019. Mr. Franks structured the Joint Venture Agreement between Amaz USA, TJF Investments, and Oak Timbers, LLC back in 2016 with plans to develop West Fork at Weatherford. TJF and Oak Timbers realized the need for a luxury assisted living option in Weatherford back in 2015. Principals Todd Franks and Vaughan Mitchell identified a perfect location near the city hospital and across from a medical office development near the city center. After putting the land under contract Mr. Franks raised the required Equity and Debt for the project within 30 days while Mr. Mitchell, with his vast experience in construction, engaged the Engineers and Architects necessary to impress the City of Weatherford and our investors with plans for the most beautiful development in Weatherford.

Mr. Franks and Mitchell sold their interests in West Fork at the peak of the CRE Market in Mid 2022.

Town Lake I

Purchased in 2012 from the City of Dallas out of receivership. Sold December 2022.

Mr. Franks has worked with the city of Dallas throughout most of his Brokerage career. He has sold multiple distressed assets on behalf of the Receivers the City appoints when a property is in dangerous and substandard condition and the owner or the lender are non-responsive to requests to take action to improve the conditions.

Town Lake was purchased for less than $5,000/unit and required nearly $10,000 per unit for deferred maintenance and capital improvements to bring the property back to life. The property was under Dallas’s SAFE program which required TJF to work with the City of Dallas, the ADA, Fire Marshal, Chief of Police and City Inspectors. Having served on the Board of Directors as Chairman of the Board for Economic Development in NE Dallas, Mr. Franks, through his pre-existing relationships, was able to satisfy Dallas’s SAFE team in short order and bring the property condition to the best in class in the West Dallas area at the time. The area has since seen many improvements and is one of the fastest appreciating areas in the country. In 2018 the area improved further by being designated as an opportunity zone.

Throughout TJF’s nine years of ownership the property has received continued improvement to include Solar Panels. The property was sold to a opportunity zone fund in December of 2022 for a value that was 18x the original purchase price and equity mutiple.

Town Lake II

Town Lake II was another distressed asset that was about to go back to the lender when TJF Investments struck a deal with the owners preventing them from having a foreclosure on their credit back in 2015. This property was purchased for less than $21,000 per unit and required over $11,000 per unit to address the deferred maintenance and capital improvements. Like Town Lake I, the property was placed in the SAFE program with The City of Dallas which required Mr. Franks to leverage his relationships with City Officials and Staff to bring the property back to safe and habitable condition before implementing the Capital Improvements and re-tenanting the asset. The property was sold in conjunction with Town Lake I in December of 2021 for 4x the purchase price and 10.75x the initial equity requirement.

Town Lake II has also received continued improvement with the most recent being the addition of solar panels to help reduce the electric bill by 36% on the all-bills-paid asset. This is a 57% net ROI.

9th Street Apartments

Fort Smith Portfolio

Rishon Portfolio

Cantera Crossing

Rolling Hills

Meadowview Apartments

SFR portfolio

Texas Republic Bank (TXRB Holdings, Inc)

Red Spartan & Behrooz Capital

SOLD!

West Fork at Weatherford

Town Lake I

Purchased in 2012 from the City of Dallas out of receivership. Sold December 2022.

Town Lake II

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Drop us a line!

9th Street Apartments

Fort Smith Portfolio

Rishon Portfolio

Cantera Crossing

Rolling Hills

Meadowview Apartments

SFR portfolio

Texas Republic Bank (TXRB Holdings, Inc)

Red Spartan & Behrooz Capital

SOLD!

West Fork at Weatherford

Town Lake I

Purchased in 2012 from the City of Dallas out of receivership. Sold December 2022.

Town Lake II

Contact Us

Drop us a line!

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