Ashton Heights
- Bentonville, AR
Ashton Heights was acquired by Juniper in 2016 as an income restricted property. This unconventional asset offered a unique opportunity for Juniper to secure a high-quality property in a burgeoning submarket.
Business Plan & Approach
The strategic plan involved leveraging Juniper’s extensive expertise to transition Ashton Heights from a tax credit property to a conventional asset. This process included meticulous planning and execution to elevate the property’s value, align it with market standards, and ultimately enhance its profitability and market appeal.
Acquired 2016
Status: Active
The Results
After four years of navigating legal processes, Juniper and its experts successfully lifted the income restriction, converting Ashton Heights into conventional property. This transformation significantly enhanced the property’s financial performance, with Net Operating Income (NOI) nearly tripling and current occupancy of 93%.
Throughout the hold period, Juniper has executed three mortgage refinances in 2019, 2021 and 2022 with a focus on returning capital and enhancing the scope of capital improvements, as supported by asset performance. In fact, while the original business plan called for only $720,000 of renovation capital, refinancing efforts have allowed Juniper to invest a total of $2.8MM into capital improvements through 2023.
To date, 143% of original equity has been distributed to Limited Partners. Based on current valuation, Ashton Heights is estimated to deliver an investor-level IRR of 21% with a 3.6x implied equity multiple.
all-in cost
$13,000,000
original equity
$4,000,00
initial Renovation budget
$720,000
total capital improvements
$2,800,000
Year Built
2003
total units
240
avg sq. ft. / unit
953
units renovated
43%
Starting rent
$590
current rent
$1,120
rent increase
$530 / +90%
hold period
Active
