Iowa-based BH Management and an investment group purchased the 388-unit Honey Tree Apartments in the West End for $35.5 million in November and almost immediately began sprucing up the place. They started with the name: BH rechristened the complex Tuckahoe Creek Apartments.
“It was always about 85 to 95 percent occupied, but it was older and definitely needed to be fixed up a bit,” said Mike Baker, BH Management’s East Coast regional vice president.
The 29-acre property is off Forrest Avenue near Three Chopt Road. The renovations are being paid for through investors and rent revenue.
Baker said the upgrades to the apartments, built in 1980, were largely exterior and amenities upgrades, including rehabbing the pool and pool deck and installing a dog park and playground.
“Most of that is in the front so people can see it when they drive by,” Baker said. “That’s the idea behind the name change as well. It’s been Honey Tree for years. Now when people drive by they can see new owners, new management, new name.”
BH also installed heating-coil dryers in the apartments, which meant they had to install vents in all the units.
“We go in and rehab apartments as they are vacated, but we try to stay out of occupied units as much as possible,” Baker said.
Baker said the goal is to bring occupancy up to 95 percent. Right now it’s about 85 percent.
“We want to position ourselves so that when the market picks up we can bring rents up along with it,” he said. “We’re certainly not going to finish up the renovations and say, ‘All right, everybody’s rent is going up $100.’”
Rents at Tuckahoe Creek are $815 for a one-bedroom, $875 for a two-bedroom and $1,070 for a three-bedroom.