Augusta Intercontinental Apartments
Ground-up development of a Class A, 212-unit luxury garden multi-family property in Houston, Texas.
Sourcing the Investment
Identified and represented the buyer of the tract of land that was ultimately developed into the Augusta Apartment Complex. The land was purchased in October 1999.
Projected this tract of land was ideally suited for multifamily development. After raising the idea with our brokerage client, a partnership was created to develop a Class A apartment complex on the site. Served as the general partner of the new ownership entity.
- Obtained a commitment to finance both the construction and permanent loan for the proposed development.
- Oversaw design and construction of the multi-family property. This included interviewing and hiring the architect and general contractor as well as directing the costing and creation of the construction budget. Closely monitored the construction and proactively involved in all decisions.
The partnership owned and operated the property for 7.5 years. The investors earned strong IRR and cash-on-cash returns.