Normally we don’t post on properties we’re going after — or even those under contract. The adage “It’s not done till it funds” rings true. The only time we’ve done so is with Holman, and that was because we basically took over the operation of the property while we had it under contract.
However, since it looks like January is going to start off a busy 2013, here is a sneak peek at what we have going. It’s part of our goal of expanding out of Montrose and into other quality inner loop locations (midtown, near medical center, 5th ward, etc.). Below is a few of those properties, in somewhat order of their potential to close.
Property #1: “Midtown”, just a few blocks from our Holman property. This building will function as a midtown office and central storage facility. However, it also has a few units on it just for fun. This one is under contract.
Property #2: “Midtown”, close to TSU. Not a large property, in the 10-15 unit range. This one is under contract.
Property #3: 5th ward. 30-40 unit property. We’re not a fan of this location in it’s current state. We normally focus on good areas regardless of current building condition. However, close (4 mile) proximity to downtown and proximity to schools, parks, the Heights, etc. make it worth the gamble. Seller has accepted our offer, we’re just hammering out some financing details.
Property #4: Medical center area. 30-40 unit property. We loved the location and there is a lot of opportunity to improve the area simply by investing in the several buildings close by. Met the owner and, and know the agent. Both class acts. We should be able to get this done.
There are others… a 50+ unit in an area we’re also not thrilled with, and a 40+ unit also next to the medical center. We’ll comment on those if and when they happen. We also have several other projects that we’re keeping off the site for other reasons.