Acquiring an apartment building requires the ability to source and analyze the right kind of opportunities.
We source on and off-market deals through a variety of channels, including property owners, brokers, financial institutions, capital advisors, onsite management, among others. Through these relationships and channels we are able to maintain a healthy pipeline of multifamily deal flow.
When we identify an investment opportunity, we conduct a basic analysis to determine if the deal warrants further investigation. At this early stage of due diligence, we review the local market, demographics and competition and prepare a budget and pro forma to determine the upside potential from applying appropriate value-add improvements.
If we determine the opportunity is worth pursuing, we execute a purchase and sale agreement and begin a more thorough financial, physical and legal review of the asset. This consists of securing a deeper understanding of the local market; reviewing and verifying the financial and historical data for the property; refining the renovation budget and pro forma assumptions; completing a property conditions report, an environmental inspection and an appraisal; determining the marketability of the title, etc. Assuming everything checks out, the investment committee approves the transaction and we close on the asset.
The acquisition of an asset is only the beginning of the value-add process. The real work begins with the implementation of the redevelopment plan.
Each asset that we acquire is unique and requires us to analyze various redevelopment options. We take into account the appearance, brand integrity, desired tenant mix, asset preservation and market conditions to develop a plan that ensures the expenditures are asset specific and provides the biggest impact towards achieving our desired returns.
Our in-house property management arm gives us complete visibility into the portfolio and allows us to maximize the profitability of each multifamily property.
It is essential that each property be staffed with the right personnel. They are the face of the asset and are integral to successfully carrying out the operational component of the value-add strategy. Upon acquiring a property, we evaluate each team member to determine whether or not to make changes. We consider experience and training, attitude and people skills, organizational and attention to detail aptitude – traits that we value and consider essential to effectively managing a value-add apartment community.
As we execute on these three objectives, we are able to effectively stabilize the asset and maximize its profitability.
We are a group of entrepreneurs, investors, developers, managers, number crunchers, analytical thinkers and can-doers. We are individuals with distinct personalities, unique talents and varied backgrounds. Some of us like to surf; some of us like to run marathons; some of us like to read; some of us like to travel. Some of us have experienced tremendous success; some of us have lived through character-building failures. But all of us understand the good that can be accomplished by taking our collective talents and experiences and working together as a team.
Mr. Romney is the Director of Asset Management, Marketing and Communications for Sundance Bay. Prior to joining Sundance Bay, Mr. Romney was the Director of Marketing and a Senior Project Manager for Crossroads Realty Holdings, a San Diego based real estate development firm. Mr. Romney previously worked in New York City for the advertising agency McGarry Bowen, where he oversaw the music production and licensing for commercials for Verizon, Chase, Disney and Reebok, among other clients. Mr. Romney is one of the founders of Wool & Tusk, a music supervision company for Advertising, Film, and TV. Mr. Romney earned an undergraduate degree in Communications from Brigham Young University and a Master’s Degree in Real Estate Development from Columbia University.
Mr. Hatch is the Acquisitions Analyst for Sundance Bay. He coordinated
the acquisition of nine assets consisting of $100 million of capital placed. He
manages acquisitions, and assists with investor reporting and financial compliance.
He graduated cum laude from Brigham Young University in business management
with an emphasis in finance.
Property Manager, Kansas City
Mr. Romney is a Managing Director of Sundance Bay with responsibility for capital markets. He previously served as Senior Vice President of Capital Markets at Excel Trust, a publicly traded real estate investment trust (REIT). Prior to that, Mr. Romney held various marketing and management positions in Seattle and Boston for Microsoft, Lavastorm and Polaroid. During his career in the real estate investment industry, Mr. Romney has participated in raising over $950 million in equity and acquiring over $1.9 billion in real estate assets. Mr. Romney received a Master’s Degree in Business Administration from Harvard Business School and a Bachelor of Arts in Political Science from Brigham Young University. He serves on the Board of Directors for the Sabin Children’s Foundation and Integrated Oncology Network. He and his wife, Laurie, are the proud parents of 4 children
Full Bio: Mr. Baughman is a Managing Director and oversees Operations and Acquisitions for Sundance Bay. He has over 13 years of real estate development, management and investing experience. Previously, he managed over $300 million in single-family and multifamily development projects in the Washington DC, New York City and Austin, TX regions for Toll Brothers and a NYC private equity firm. Additionally, he founded and is an owner of Sundance Debt Partners, a real estate debt fund that provides short-term financing secured by real estate related assets. He also founded and managed Sundance Capital Group, a single-family investment platform that purchased, renovated and managed single-family assets around the country. Mr. Baughman holds a Bachelor in English from Brigham Young University and a Master’s in Real Estate Development from Columbia.
Mrs. Villarreal has held positions as Controller and VP of Accounting at William Warren Group (StorQuest) and Property Accountant and Assistant Controller at Extra Space Storage (REIT)
She has been directly involved in 100+ real estate transactions and participated in overseeing accounting activities for portfolios with 370+ assets including wholly-owned, JV and third party managed asset types.
Mrs Villarreal received a Master’s Degree in Business from Westminster College and a Bachelor of Science in Accounting from University of Utah.
Sherri is a seasoned Accounts Payable Specialist and Property Manager with 16 plus years of experience in various markets to include Northern California, Washington, and currently Utah.
Sherri started her career working as an escrow assistant for Fidelity National Title prior to becoming
involved in property management and began her career as an onsite manager in the multi-family
market. Her last position before coming to Sundance Bay Management was as a Portfolio Manager of 500 single family homes and 2 multi-family properties. Additionally, she gained experience in the Affordable market where she expanded her knowledge with 2 years’ experience in LIHTC, HOME, Section 8, and Transitional Housing programs.
Sherri coordinated and supervised major renovations of a property of 52 apartments, including the swimming pool, and office which improved the curb-side appeal and marketability, and enabled the owner to sell the property at top market value. Additionally, the properties she managed allowed Sherri to develop her leadership abilities and budgeting skills.
During the span of her career, she consistently enforced community policies and best practices, raised
the resident profile which reduced the liability to the owner, maintained a 96-98% occupancy rate,
lowered costs to the owner, and aided an increase in the NOI. Sherri effectively encouraged community
unity and resident up-keep of the property. She found an affinity to crunching numbers as she progressed in her career and knows the importance of good budget adherence and vendor relations. Resident retention, marketing, leasing, problem-solving, collections, and accounting skills have elevated her career as a veteran in property management.
Sherri completed her CAM designation in 2005, attended Western Governor’s University in 2010-2012,
and received her Washington Real Estate License in 2014. She is continuing her education in Business Management and Accounting through an online program.
In her spare time, Sherri hangs out with family and friends and takes lots of photos wherever she goes.
Mr. Ricks is the Director of Strategy and Investments for Sundance Bay. He has over 30 years of real estate development and investing experience. During his career, Mr. Ricks has bought, sold, managed, leased, built and capitalized over $500 million in real estate ventures. He is formerly the CEO of Trophy Homes where he built over 2,000 homes during his tenure with the company. He is a current owner of and/or investor in office buildings, retail centers, mobile home parks, residential land, and multifamily properties. Additionally, he has been an early investor in a number of start-up companies such as Omniture, Zuka Juice and Altius Health Plan. Mr. Ricks received his Bachelors in Estate and Financial Planning from Brigham Young University, where he taught from 2000 to 2011 as an adjunct professor teaching advanced real estate development and investing courses.
Property Manager, Kansas City
Property Manager, Kansas City
Mr. Olsen is the Director of Redevelopment and Construction for Sundance Bay.
Our mission is to be top notch, to be world-class, to be exceptional, to be recognized as an industry leader in creating wealth for investors while enhancing the neighborhoods in which we own and manage apartment communities.