Multifamily Investment Property Search & Brokerage
Museum District, Class A, Urban Infill Development Site, Houston, TX 77006
Project Description:
Specializing in multifamily investment property and brokerage services, Drake Realty Group was engaged by Dallas based StreetLights Residential, one of the most prolific and fastest growing high density urban multifamily and mixed-use developers in the Country, to research, locate, and procure Class A, Core Urban Infill development sites for a new high density, luxury Multifamily development project in the very best locations of Houston's highest rent multifamily submarkets. The strategy and process was unique and customized to the client's exact requirements, driven by location, meticulous research, off market properties, face to face presentations with property owners, and aggressive front end problem solving.
Challenges:
- Locate and procure infill trophy properties that fit all search criteria within a specific price threshold and that are near the highest renting existing multifamily properties and best amenities Houston has to offer.
- Many of the off market core infill properties in our search area were considerably smaller and required assemblage with existing improvements and leases in place.
- Working through leases and the ability to relocate within a reasonable timeline for construction.
- Unmotivated Seller with existing cash flow.
- Pre-contract and pre-development issues surrounding the property.
Solutions and Services Provided:
- Perform detailed custom market research reports, analysis and mapping of existing Class A urban infill sub markets broken down into product types, heights, age, surrounding amenities, rents, vacancy and more.
- Employment base driver analysis.
- Under construction and proposed project pipeline analysis.
- Aggressively pursued off market core infill properties and provided client with detailed reports.
- On the ground site tours.
- Front end research of off market property ownerships and their properties achievable development densities, i.e., height, existing restrictions and potential issues prior to negotiations.
- Located, procured and presented to Property Owner our clients value proposition in the marketplace as the ideal Buyer / Developer for the subject property.
- LOI / Contract negotiations and team meetings with Buyer and Seller.
- Work with Client team to assist in pre-development meetings and action plan goals needed to solve issues.
Results:
Drake Realty Group located, procured and negotiated on behalf of its client a premier luxury, core urban infill high density multifamily, mixed-use development site in Greater Houston, located in the heart of the Museum District and recognized as one of the most prominent and dynamic areas in all of Houston.
For information about how Drake Realty Group can assist with your multifamily investment property site selection and brokerage services, contact us.
