Properties

The Crossing 23rd Condominium

121 East 23rd Street, Manhattan

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This property is located at 121 East 23rd Street between Park Avenue South and Lexington Avenues in the Gramercy Section of Manhattan. At the time of acquisition, it consisted of two single-story retail stores and a 5-story loft building with two retail stores on the ground floor. 
The original plan for this property involved construction of a 14-1/2-story building, consisting of approximately 55 residential condominium apartments and four stores. However, it was determined that the addition of square footage to the project, through the purchase of air rights, would enable us to transform the property into a luxury 21-story, ninety-five unit building with two stores. These air rights would be added to the new building’s highest and most valuable floors, resulting in a significant decrease to the effective acquisition, development, and operating costs per square foot of the property. As a result, the GSF of the property increased from 61,600 to approximately 116,701 SF (including a full basement). More importantly, the property’s sellable SF increased from approximately 49,000 to 87,331 SF, substantially increasing the profit potential of the property. All 95 condominium units have been sold for an aggregate sales price in excess of $100,000,000. 

Pointe on Rio

Austin, Texas

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A newly constructed Class A, 5-story luxury student housing community, consisting of 122 units, 322 beds, and a total of 132,777 RSF. The property is located approximately three blocks from the University of Texas Campus. Units feature gourmet kitchens with granite countertops and stainless appliances, walk-in closets, ceiling fans and in-unit washers/dryers. Common amenities include landscaped courtyards, business center, indoor/outdoor study areas with conference rooms, state of the art fitness center, clubhouse, pool table, internal and external lounge areas, barbecue grills, tanning room, on-site management office, secured parking, and bicycle storage. Some units are furnished. Pre-Covid, the property maintained occupancy levels of 98% to 100%.

Pointe San Marcos

San Marcos, Texas

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Class A, 4-story luxury student housing community, consisting of 98 units, 341 beds, and a total of 129,866 RSF. The property is located directly across the street from the Undergraduate Admissions Office which provides students with convenient pedestrian access to class without the hassles of parking or catching the Bobcat Tram.
Units feature gourmet kitchens with granite countertops and stainless appliances, walk-in closets, ceiling fans, and in-unit washers/dryers. Common amenities include landscaped courtyards, business center, indoor/outdoor study areas with conference rooms, state of the art fitness center, clubhouse, pool table, internal and external lounge areas, barbecue grills, tanning area, on-site management office, secured parking, and bicycle storage. Some units are furnished.
The property’s irreplaceable highly visible hillside location allows residents to easily walk or bike to the growing Texas State University campus. Texas State University, located in San Marcos outside of metro Austin, is a thriving public institution with 35,546 students and eight colleges. With an overall growth rate of 32.7% since 2004, Texas State University has set a new record for total enrollment for 16 consecutive years. The combination of the university’s diverse academic offerings and central Texas location make Texas State University a natural choice for in-state and out-of-state students.

The Lofts in Colleyville

Colleyville, Texas

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Built in 2011, the Lofts in Colleyville are part of the Village of Colleyville, a large-scale town center development. This Class A mixed-use property is comprised of 30 upscale condominium apartments catering to more established renters. There is easy access to employment centers within the best performing job market in the country and top Colleyville schools. The ground-floor commercial space is 100% leased to Colleyville Family Medicine, which is part of Baylor’s Health Texas Provider Network. In total, the property consists of 31,714 sf of residential space and 11,625 of commercial space for a total of $43,339 RSF.

The residential units offer granite counter tops, hand-scraped hardwood floors, stainless steel appliances, high ceilings, arches, balconies, washers and dryers in every unit, and private garages. Covered parking spaces are available. The property maintains occupancy levels of 95% to 97%.

Royal Arms Apartments

Richardson, Texas

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Royal Arms is a garden style housing community, comprised of 129 units set on 6.59 acres of prime land. The property consists of 12 two-story buildings containing 111,568 RSF, with an average unit size of approximately 876 SF. The property is located at 2811 Custer Parkway across from Canyon Creek Country Club in the highly desirable and centrally located city of Richardson, a northern suburb of Dallas, Texas. The city of Richardson was recently ranked 2nd in Texas of Best Places to Raise Kids by Business Week. The property benefits from being in the Exemplary Rated Plano Independent School District. A bus stop is located at the corner of the property for service to and from the middle and high schools. Parking is asphalt-paved with 274 open spaces. The property has two swimming pools, a newly renovated large clubhouse and fitness center, and four clothes-care centers. Royal Arms is a rare Class C property in a Class A location.

Duval Villa Apartments

Austin, Texas

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Duval is a garden style student housing community, comprised of 112 units and 206 beds set on almost three acres of prime central land. The property consists of over 106,000 RSF and is situated in the Historic Hyde Park/North Campus area, one of the most desired parts of the Austin community. Thirteen mostly connected, three-story buildings make up this gated community comprised of predominantly two bedroom units with an overall average unit size of 953 +/- SF of living space. Through our efforts, Duval has regained its position as one of the most sought out student housing communities in the Austin community. Duval is well maintained and has beautiful interior courtyards and a sparkling pool area. Pre-Covid Duval had been 100% occupied each year since we acquired the property.

The Upper E Portfolio

Dallas, Texas

East Dallas continues to be one of the most robust, dynamic, and rapidly gentrifying submarkets in all of Dallas. Upper E is another rare Class C property in a Class A location. Built during the period from 1955 to 1974, Upper E is a unique property. It consists of 563-units amongst 18 separate garden-style apartment communities located along Gaston Avenue and Live Oak in the East Dallas Area of Dallas, Texas. The property has controlled access gates as well as a separate building containing a central leasing center. Just minutes from Downtown Dallas and the Arts District, each of the properties are nestled within the historic mansions of Swiss Avenue and the beautiful homes of the Munger Historic District. Additionally, they are in walking distance to Lakewood and White Rock Lake, the shopping and entertainment areas of Greenville Avenue, and the Deep Ellum night life.

Athenian

4918 Gaston Avenue

Beacon Hill

711 N. Beacon Street

Buckingham

6127 Gaston Avenue

Casa Villa

5619 Gaston Avenue

Coral Gates

5119 Live Oak Street

Driftwood

5707 Gaston Avenue

Gaston Village

5324 Gaston Avenue

Kahlua

5435 Gaston Avenue

The Oaks

4919 Gaston Avenue

Paree

5005 Gaston Avenue

Pink Adobe

5635 Gaston Avenue

Sherman Oaks

5118 Live Oak Street

Silver Sands I & II

5405 & 5411 Gaston Avenue

The Strand

5307 Gaston Avenue

Ambassador Court

5027 Live Oak Street

Fitzhugh Apartments

2305 & 2309 Fitzhugh Ave

Sonoma Apartments

2001 N. Fitzhugh Avenue

Crestview Apartments

Oaklawn, Texas

235 East 4th Street, Manhattan

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235 East 4th Street is a corner 6-story walkup with 30 apartments and two stores located in the East Village section of Manhattan. The property was purchased in 1999 and sold in 2007. The property’s rent roll was increased from $460,000 at acquisition to $1,020,000 (an increase of 122% at the time of sale). Virtually all vacant units were converted to two-bedroom apartments. Allowable rent increases attributable to capital improvements made, but not applied for by the prior owner, were subsequently applied for and granted. Two of the store leases were bought out, resulting in the conversion of the four original stores into two stores subsequently rented to two upscale restaurants. Space on the roof of the building, not previously considered rentable, was leased to house certain communication equipment at an annual rent of $24,000.

418 East 71st Street

Manhattan

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418 East 71st Street is a 7-story OSHA approved medical building located between 1st and York Avenues in the Upper East Side section of Manhattan. The building is located near New York-Cornell Hospital, Memorial Sloan Kettering, and the Bellevue Research Center.

318-320 East 34th Street, Manhattan

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Located in the Murray Hill/Kips Bay section of Manhattan, the property consists of two 6-story walk-up buildings with 50 apartments. The acquisition was structured as a net lease with the option to purchase the property at the end of ten years for $3,550,000. The property was purchased in 1997 and sold in 2005 to one of the principals comprising the managing member based upon a sale price of $8,200,000. The property’s rent roll was increased from $480,000 at acquisition to $800,000 (an increase of 67% at the time of sale).

402 East 12th Street, Manhattan

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402 East 12th Street is a 6-story walkup with 16 apartments located in the East Village section of Manhattan. At the time of acquisition in 1994, the property was over 90% vacant and dilapidated. The property was subsequently completely gut renovated and sold in 2014. Two of the vacant stores were converted to apartments. The properties rent roll was increased from $0 at acquisition to over $400,000 at the time of sale.

364 West 51st Street, Manhattan

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Purchased in 1995, 364 West 51st Street is a 5-story pre-war walk-up apartment building with 16 apartments located in the Clinton section of Manhattan between 8th and 9th Avenues. The property was in foreclosure and 90% vacant at time of acquisition. Subsequently completely gut renovated, it re-rented at much higher market rents.

26 Van Dam Street, Manhattan

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26 Van Dam Street is a 5-story walk-up apartment building with a 21 apartments located in the SOHO section of Manhattan. The property was in foreclosure. We created two duplexes and vacated other units which were renovated and re-rent at much higher market rents. 

424 West 49th Street, Manhattan

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424 West 49th Street is a 6-story elevator condominium apartment building, located in the Clinton section of Manhattan. The property was in foreclosure. It consisted of eight condominium apartments which we gut renovated. Post renovation, all were sold. 

154 East 7th Street, Manhattan

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154 East 7th Street is a prime 5-story walk-up apartment building with 11 apartments located in the East Village section of Manhattan. The building is located at the entrance to Tompkins Square Park. The property was in foreclosure, and more than 50% of the tenancy was occupied by illegal tenants who were friends and family of the owner and received fictitious leases at below market rents. Subsequently many apartments were vacated, gut renovated, and re-rented at much higher market rents.

244 10th Avenue, Manhattan

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244 10th Avenue is a 5-story walkup with eight apartments and one store located in the Chelsea section of Manhattan. The property is across the street from the Chelsea Highline and in close proximity to the new Hudson Yards redevelopment project. Purchased in 1995, the property was dilapidated and partially vacant. The property was subsequently gut renovated and sold in 2015. The property’s rent roll was increased from $105,000 at acquisition to over $300,000 at the time of sale (an increase of 186%). The total post acquisition and construction cost at the time of sale was approximately $550,000. The property was sold for $6,350,000, and no broker was involved.

210 Avenue B, Manhattan

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210 Avenue B is a 4-story walk-up apartment building with 10 apartments located in the East Village section of Manhattan. The property was in foreclosure and was a completely burned out building at the time of acquisition. It was subsequently completely gut renovated and re-rented at much higher market rents. The existing two stores were converted into residential units.

110-112 St Marks Place, Manhattan

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110-112 St. Marks Place is a 6-story walkup with 22 apartments and 2 stores located in
the East Village section of Manhattan. The property was in foreclosure. At the time of
acquisition in 1993, the property was partially vacant and dilapidated. Subsequently,
many apartments were vacated, gut renovated, and re-rented at much higher market rents.
The property’s rent roll was increased from $105,000 at acquisition to over $1,000,000 at the time of sale

31 East 1st Street, Manhattan

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31 East 1st Street is a 5-story walkup with 21 apartments located in lower Manhattan. Purchased in 1995, the property was well maintained with few vacancies. The property contained inherent value that was overlooked by the prior owner. The legal rents for many of the apartments were much higher than the rents being charged. As many leases expired and the market improved, the apartments were renovated and re-rented at much higher rents. The rent roll was increased by approximately 335% at the time of sale.  

Fairview Farms Shopping Center

Plano, Texas

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Fairview Farms is an attractive 57,475 SF two-tenant building built in 2001 on 6.41 acres along US-75/ North Central Expressway in Plano, Texas. The two long-term NNN-leased tenants are SPEC’S and The Tile Shop. SPEC’S is a family-owned business that has grown into the largest alcoholic beverage chain in the state with over 150 locations. The Tile Shop (NASDAQ: TTS) is a specialty retailer of stone tiles, setting materials, and related accessories in the US. Plano is the 4th largest city in DFW, and its schools and amenities regularly drive it to the top of nationwide rankings, including Forbes’ best places to live. The property is located just north of Parker Road along the US-75/ North Central Expressway with more than 191,000 cars passing by per day and average incomes of $100,000 within a five-mile radius. Fairview Farms is situated with cross-access adjacent to Costco and its gas station.

Shrub Oak Shopping Center

Yorktown, New York

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Shrub Oak is a neighborhood shopping center located in the Shrub Oak section of Yorktown in Westchester County. The center is anchored by an Acme Supermarket and is situated on 10.8 acres of land consisting of 46,586 improved SF. The makeup of the tenancy since the center was built in 1962 has remained pretty much unchanged. Due to a recent zoning change the property can support an additional 70 + residential units to be built on the site.

Rowlett Town Center

Rowlett, Texas

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Rowlett Town Center is an attractive 8,736 SF three-tenant building built in 2008 on 1.495 acres. The property is a prime retail location with easy access and outstanding visibility from Lakeview Parkway at President George Bush Turnpike (toll road). The property is in front of LA Fitness and next to Super Target in Rowlett, Texas. Rowlett Town Center, adjacent to Raising Cane’s and across from Applebee’s, is the destination for shopping, dining, and entertainment for a large area of Dallas-Fort Worth. Stability is offered by the location of this asset at a major retail core serving this high-growth submarket of Dallas-Fort Worth. All three tenant leases are triple net.

4344 Irving Boulevard

Irving, Texas

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4344 Irving is a 13,500 SF building situated in the Mercantile Industrial Area, one of the most sought after and original areas in Dallas. The area is home to many businesses in the trucking, warehousing, and manufacturing industries. The property is triple net leased to Praxair (NYSE: PX), a global Fortune 300 company that supplies atmospheric, process specialty gasses, high performance coatings, and related services and technologies to a wide array of customers.