Scenic acquired this property in September 2021 in an off-market transaction at a significant discount to replacement cost. The hotel is located adjacent to USAA’s headquarters and the 900-acre Medical Center District. The property was successfully sold in 2023.

168 Units

Park Hill is an A- conventional garden project with a high concentration of students. SPG executed a 100% interior upgrade program over a 2-year period and held the property for an additional three years, creating value by raising rents and increasing cash flow. The property was sold after a 5-year hold period.

248 Units

The property was purchased subject to a low-leverage CMBS loan assumption at an above-market cap rate with strong cash flow. Scenic cured limited deferred maintenance and held the property for cash flow before selling at loan term at a lower cap rate.

100 Units

The property was a semi-distressed asset that underwent a complete exterior make-over, including structural repairs and new reconfigured roofs to add an overhang and improve the architectural character from a class-C to class-B complex. The property was held for three years.

176 Units

Oakcreek is a tax credit project built in 2008. Scenic purchased the GP interest at an implied valuation well under conventional value due to the complicity of the transaction. Scenic sold its interests in December 2021.

103 rooms

Scenic developed this hotel, which opened in early 2020. Its location off IH-35, approximately 6 miles South of downtown Austin, provides convenient access to downtown, to Austin Bergstrom Airport, and south to San Marcos. The property was sold in May 2021.

78 rooms

Conveniently located at the southeast corner of I-35 and Hwy 287, approximately 25 miles south of Dallas. The hotel is adjacent to the Waxahachie Civic Center and the 104-bed, full-service Baylor Scott & White Hospital.

382 Climate Controlled & 70 Non-Climate Units

Scenic developed Forney Storage after recognizing an imbalance in the supply of self-storage units compared with new household formation. Before its development, the City of Forney had not added any new storage supply for 10 years despite doubling its population.

362 Units

Purchased well under market, the property was owned by a mom-and-pop operation and was severely underperforming its peers due to years of neglect and poor management. SPG executed an intensive exterior repair scope and much needed infrastructure improvement to improve curb appeal and customer service. The property was successfully sold after 18 months.

260 Units

The property was a highly distressed asset that was purchased pursuant to a court-ordered short sale acquired at 28% occupancy. Scenic successfully managed a multi-million-dollar interior and exterior rehab and stabilized and sold the asset in just over two years.

164 Units

This B-property was purchased from a self-managed out-of-state investor who was unaware of the current market. Scenic achieved 15% rent gains on turns with only minor improvements to the interiors and exterior.

320 Units

This highly distressed asset was purchased directly from the lender post-foreclosure. Scenic implemented a multi-million-dollar rehab on budget and sold the asset after a 3-year hold.

Self-Storage Development

18 Mini-Office Suites, 580 Climate Controlled & 19 Non-Climate Units

Scenic assembled multiple parcels and developed this 3-story institutional quality storage facility on Stewart Rd, the high-traffic east-west thoroughfare on the island. Extensive site work was completed to raise the finished floor elevation above the 100-year flood zone. The property opened its doors for business in August 2021 and was sold in April 2024.

136 Units

The property was purchased from an absent landlord at a favorable cap rate to market because of a CMBS loan assumption at low leverage. SPG implemented operating efficiencies and executed a light rehab to correct deferred maintenance issues. The loan was refinanced, and the property was held for cash flow until its sale.