Completed
Austin, TX
Creekside Terrace
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Property Overview
The Opportunity
The project was the conversion of a 47-unit multifamily complex to condominiums. Purchased from a reputable repeat condo converter that got caught in the cycle and post renovation leased up the asset. While under contract to purchase, we contracted 44 of the units contingent upon our closing. All units were closed within 4 months of our acquisition. The property was 100% occupied at acquisition. We were able to reach a mutual agreement with 47 tenants to vacate within 45 days.
Competitive Advantage
Lessons Learned
Property Location
Documents & Financials
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Related Articles
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Investment Summary
Property Type:
Multifamily
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Strategy:
Multifamily to Condo Conversion
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Address:
710 Oltorf St E, Austin, TX 78704
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Investment Date:
April 1, 2010
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Est. Hold Period:
.3 Years
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Total Capitalization:
N/A
Loan To Cost Ratio:
N/A
Est. Exit Cap Rate:
N/A
Investor Preferred Return:
N/A
Property Type:
Multifamily
N/A
Strategy:
Multifamily to Condo Conversion
N/A
Address:
710 Oltorf St E, Austin, TX 78704
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Investment Date:
April 1, 2010
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Disposition Date:
August 1, 2010
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Hold Period:
.3 Years
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Realized IRR:
1,275%
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Equity Multiple:
1.81 X
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Total Capitalization:
N/A
Loan To Cost Ratio:
N/A
Exit Cap Rate:
N/A
Realized Investor Return:
N/A
Property Type:
Multifamily
N/A
Strategy:
Multifamily to Condo Conversion
N/A
Address:
710 Oltorf St E, Austin, TX 78704
N/A
Investment Date:
April 1, 2010
N/A
Disposition Date:
August 1, 2010
N/A
Hold Period:
.3 Years
N/A
Total Capitalization:
N/A
Loan To Cost Ratio:
N/A
Cap Rate at Close:
N/A
Realized Investor Return:
N/A
Residential
Algarita Lakeside
San Antonio, Texas
Value-Add Multifamily Acquisition of 293-units from distressed Tenant-In-Common "TIC" partnership.
Residential
Property Type:
Multifamily
N/A
Property Type:
Multifamily
N/A
Property Type:
Multifamily
N/A
Land
Govalle
Austin, TX
Acquisition 2+ acres in East Austin to subdivide into single-family lots.
Land
Property Type:
Land
N/A
Property Type:
Land
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Property Type:
Land
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Land
12th & Hargrave
Austin, TX
Acquired 5.78 acres at a foreclosure auction in East Austin for future townhome development.
Land
Property Type:
Land
N/A
Property Type:
Land
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Property Type:
Land
N/A
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Land
Decker
Austin, TX
Acquired 58 acres off Decker Lane in East Austin. The acquisition was part of a land assemblage with multiple sellers. During entitlement, we subdivided the land selling a tract to our northern neighbor and retaining ownership of an industrial tract, and 20 acre multifamily tract.
Land
Property Type:
Land
N/A
Property Type:
Land
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Property Type:
Land
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Land
NB North
New Braunfels, TX
Off-market acquisition of 22.13 acres of fully entitled land for future multifamily.
Land
Property Type:
Land
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Property Type:
Land
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Property Type:
Land
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Land
Johnny Morris
Austin,TX
Acquisition of 22.13 acres zoned Light Industrial. We were able to rezone to Multifamily within 6 months of acquisition. We are currently joint venturing to develop a 375-unit multifamily community.
Land
Property Type:
Land
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Property Type:
Land
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Property Type:
Land
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