Real Estate

Company Type

Real Estate Development


$13.8 Million

Investment Type


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Project Sponsor is seeking $13.8 million of J.V. equity to acquire a 295-unit multifamily property in Richmond, Texas. Management is investing $10.4 million. Total cost: $71.8 million

Sponsor owns and manages over 1,000 units, utilizing a value-add approach, focused on the turnaround of distressed and under-performing properties

The team specializes in adding value to properties

Add functional and aesthetic features that create appealing, affordable, family-friendly spaces that attract and retain residents


Class A+ garden style community located in Houston

Immediate value-add opportunity to fully lease-up and bring rents to market; 2022 construction should result in low maintenance costs

Class A area rents have increased by 16% over the past 12 months. 9.9% rent growth for the area is projected in 2022 and 5.3% in 2023

Plan to complete a cost segregation engineering study, which will result in bonus depreciation (expected depreciation in year 1 of approximately 60% of investment)

Several great retail and fitness stores directly next door and a grocery store within a mile


Lease-up the property and stabilize occupancy


  • enhance marketing strategy

  • fill vacancies and increase lease terms

  • implement an effective management strategy

  • create operating efficiencies and reduce fixed overhead expenses
Learn More About This Transaction

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Hi. We're not around right now. But you can send us an email and we'll get back to you, asap.

Thanks, Ken

Ken Margolis | Managing Partner Castle Placement, LLC
1460 Broadway Street, Rte 400
New York, New York 10036
(212) 418-1188 | C: (516) 712-7784