Industry

Real Estate

Company Type

Real Estate Development

Size

$13.8 Million

Investment Type

Equity

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Overview

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

Opportunity

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

Solution/Strategy

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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CONTACT US

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
kmargolis@castleplacement.com

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