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CityPlace BNB
CityPlace BNB, a prime investment property of Barge Equity Group, experienced a remarkable transformation, nearly tripling its gross income through strategic renovations and meticulous management.
Company details
CityPlace BNB, located in Uptown, Dallas, comprises 10 units and was acquired by Barge Equity Group in September 2022.
Property Overview:
CityPlace BNB represents a significant milestone in Barge Equity Group's portfolio of boutique hotel investments. Acquired in September 2022, this property comprises 10 units and is strategically located in a prime area. Despite its potential, the property suffered from deferred maintenance and lacked character, presenting an exciting opportunity for transformation.
Project Execution:
Upon acquisition, our team embarked on a comprehensive overhaul of CityPlace BNB. From sourcing and underwriting to financing and renovation, every aspect of the project was meticulously managed. Working closely with skilled contractors and talented artisans, we revitalized the property, infusing it with personality and charm. Remarkably, the renovation process, from inception to unit readiness, was completed in just 8 days, showcasing our efficiency and dedication to excellence.
Project Results:
The results of our efforts were remarkable. What was once a property generating less than $10,000 in revenue now boasts a gross income ranging between $25,000 and $32,000 monthly. By nearly tripling gross income and doubling Net Operating Income (NOI), CityPlace BNB exemplifies the transformative power of strategic investment and hands-on management under the guidance of Barge Equity Group.