NOI Property Management LLC Announces Value Add Assignment for The Lake Apartments in Spring, TX

February 1, 2013 - HOUSTON, TX - NOI Property Management LLC announced a new value-add business plan for On The Lake Apartments in Spring, Texas.  The property will be the recipient of a capital improvements program to enhance community amenities, exteriors and 100% of unit interiors that will result in significant rental premiums.

On The Lake Apartments is a well-maintained, Class A community constructed in 2007.  The 228-unit property boasts a clubhouse, resort-style swimming pool, outdoor picnic areas with propane grills, a 24/7 fitness center and cyber cafe.

"Our Construction Services Team hammered out a cost efficient interior renovation scope, and we anticipate our Leasing Team will pre-lease renovation units as delivered on time and within rent budgets for all floor plans. The footprint of this asset is excellent, our costing is superior and we are looking forward to a measured lease-up with this highly occupied asset,” said V James Marfuggi, NOIPM President. Per Mr. Marfuggi, NOIPM expects the return on capital to be 300%. The first units will be delivered for occupancy in 3-4 weeks.

About NOI Property Management LLC:

NOI Property Management LLC is a Texas based 3rd party multifamily management services company. NOIPM officers have operated over 3.5 billion in multifamily assets over the past 25 years in primary and tertiary markets across the United States.

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