Entities
The apartments are mostly located in the Dallas/Fort Worth Metroplex in northern Texas, with the balance in the Nashville, Tennessee area. They are generally class B apartments, built in the 1980s, and average around $1,300 per month in rent. We have historically operated at 95-96% occupancy over the past 10 years. Our turnover ratio has historically been below market levels, and our property management company has been nominated as one of the “Best Places to Work in Dallas” and, as of April 2024, rates as the top management company in its peer group.
The communities are generally around 200 units in size, ranging from 52 to 364 apartments. We invest significant amounts in capital improvements, and we maintain them to be the best place to live in each of their respective neighborhoods. We like to be considered “a great place to call home,” and we want to be considered the best owner and operator of multifamily apartments in the Metroplex. In Nashville, we are currently managing our apartments with a third-party management company. We want to be proud of all the apartments we own.
Total rental collections approach $5.5 million per month. Each property is owned separately in its own SPE.
The Texas properties can be viewed at www.wakliving.com.
For Nashville apartments see the following:
www.ascenteastnashville.com
www.eastforestparkapts.com
www.waterforlandingsapartments.com
www.heritagehillstownhomes.com
www.theariaheritagehills.com
WAK LIVING
Aria at Heritage Hills | 84 Apts, Hermitage, TN
Ascent East Nashville | 192 Apts, Nashville, TX
Autumn Breeze | 240 Apts, Lewisville, TX
Autumn Place Townhomes – 37 Townhome Apts, Lewisville, TX
Bahama Glen | 287 Apts, Dallas, TX
Bella Vita at Vita at 360 | 196 Apts, Arlington, TX
Coventry at Cityview | 360 Apts, Fort Worth, TX
Dolce Vita at Vita at 360 | 204 Apts, Arlington, TX
East Forest Park | 160 Apts, Dickson, TN
East Forest Park Phase II – 65 Apts, Dickson, TN
Heritage Hills Townhomes | 75 Apts, Hermitage, TN
Holiday Hills | 104 Apts, Dallas, TX
Holiday Hills II | 52 Apts, Dallas, TX
Hulen Gardens | 200 Apts, Fort Worth, TX
Saint Croix | 288 Apts, Dallas, TX
Springfield Crossing | 252 Apts, Arlington, TX
Summer Hill | 240 Apts, Dallas, TX
Trinity Meadows | 264 Apts, Fort Worth, TX
Tuscany | 240 Apts, Fort Worth, TX
Waterford Landing | 364 Apts, Clarksville, TN
Woodlands Of Arlington | 264 Apts, Arlington, TX
OTHER ENTITIES
WAK Management Company, Inc. was created in 1990 to provide property manager and asset management services for the Arendsee group. Currently, the Arendsee group is their only client. They have between 100 and 120 employees and are located in Lewisville, Texas. WAK Management is headed by John Gillespie, President and Jodi Spurrell, EVP.
Brandy Investments, Inc., is the administrative entity that oversees the operations and day to day management of the various Arendsee group entities. It provides accounting, tax and other administrative support to all the organizations. It is based in San Diego, CA.
KAWA Irrevocable Trust (KAWA Trust) was established in 1986 as an estate planning vehicle by Richard Arendsee. Allan W. Arendsee is the Trustee. KAWA Trust owns all or a portion of several of the apartment communities as well as 100% of Brandy Investments.
WAK Enterprises, LP, was established in 1981 as a family limited partnership to own real estate and other investments. The General Partner is A.W. Arendsee Real Estate, Inc, with Allan Arendsee as the sole shareholder. It owns a portion of several of the apartment communities and other investments.
KAWA Insurance, Inc. is a Texas based licensed and operating captive insurance company. Its purpose is to help manage and mitigate risk among the various Arendsee group entities and to help set aside reserves for the inevitable claim.
WAK/Partnership Interests Management, LLC (WAK/PIM) was created to hold the partnership interests of a former partner in the projects. It owns a limited partnership interest in several apartment projects. WAK/PIM pays a guaranteed distribution for life in exchange for an option to acquire those interests from that partner’s estate as a pre-negotiated price.
The Arendsee Family Foundation was established in 2023 by Richard and Judith Arendsee as a 501(c)(3) non-profit organization. Allan, Wayne and Keith Arendsee serve as the Directors. It should distribute approximately $400,000 per year in charitable gifts.
Allan and Lyndsey Arendsee Family Foundation is a 501(c)(3) non-profit organization managed by Lyndsey Arendsee to make charitable gifts. Total value of the Foundation is over $2.5 million and gifts to be distributed in 2024 will total over $150,000. The Board of Directors includes Allan, Lyndsey, and their adult children, Allyson Darakjian and Andrea Cardillo.
Brandy Investments Fund, LLC (BIF) owns small pieces of largely illiquid real estate investments. It was originally created to support and invest with friends of the Arendsee family. It currently is invested in several real estate investments including a new hotel (approaching stabilization) and a mobile home park (under renovation).
A.W. Arendsee Real Estate, Inc. was originally created as a real estate brokerage company specializing in Downtown San Diego office brokerage. At its peak the firm represented approximately 24% of all office space in Downtown San Diego. In 2006 Allan sold the assets of the company to a firm that became Cushman & Wakefield, retaining the corporation. It currently serves as the general partner for WAK Enterprises.