Investcor teamed up with Aspen Heights again for yet another world class project. The project was a new construction, luxury Class A high-rise residential building with an exceptional downtown Austin location. The building, named The Independent, at completion was the be residential tower in Texas for roughly 3 years.

The property is located within walking distance of all that downtown has to offer. It’s 2 blocks from the waterfront and a few blocks away from many of Austin’s most sought after restaurants, office buildings, and entertainment venues. This location is also just short walk to major downtown destinations such as Whole Foods, Trader Joe’s, Pure Austin, the 2nd Street Shopping District, the Community Library, and numerous Class A office buildings.

The property is located in the center of Austin’s downtown residential growth. The 370-unit building is located on 70,000 square feet on the northeast corner of 3rd Street and West Avenue. The well-appointed Property will redefine the downtown Austin skyline and will become a new landmark property for the city. We took advantage of strong, urban residential demand and provided investors an opportunity to capture rising market demand in one of the most desirable locations in Austin.

The Independent went on market for pre-sales in May of 2015, and pre-sold over 90% of its units within the first two weeks. The Independent was successfully delivered in 2018 and sold its very last condo in November of 2019.

Investcor Development partnered with Green Star Development to bring this project to market.  Investcor then joint-ventured with Aspen Heights as the vertical partner to build this Class A high-rise apartment building with expansive views of Downtown Austin. 

The property is located within a few blocks of the most sought after restaurants, office buildings and entertainment venues.  Additionally, the property is directly in the path of Austin’s CBD growth.  The 201 unit property is located on a 0.55 acre parcel on the corner of 8th and Nueces St.  This location provides a short walk to major Austin Downtown locations such as Whole Foods, West 6th Street and numerous Class A office buildings. 

The building was designed with a high quality amenity package to be positioned to take advantage of the strong urban residential demand in Austin. The Partnership began to shop for prospective buyers after substantial completion and sold the property in December of 2016.

The Stratford apartments, a 1983 built, 308-unit multifamily property located in Phoenix, Arizona. The property consists of 30, two-story garden-style buildings with tremendous value-add and repositioning upside. The Stratford is located in the Deer Valley Submarket, which has experienced some of the strongest rent growth in the metro.

Investcor was able to secure a phenomenal site located at the north main entrance of Encanterra, a private 55+ luxury resort community located in Queen Creek AZ with a total of 2,400 homes. The site is also convenient located less than 1 mile from the new Banner Ironwood Regional Hospital. The third party market feasibility study for this site came back fully approved and displayed strong market demand. This project is under development and will start construction in 2022.

Investcor acquired Shoreview Apartments, a 2021 built, 216 unit Class A+ multifamily property located in Bradenton, Florida. The property consists of 5 four-story Class A+ buildings spread across 13 acres with an exceptional quality tenant base and attractively located in one of the fastest growing submarkets of Florida.

The property was delivered in February 2021, and started moving in residents during March 2021. We placed the property under contract in September 2021 with 71% occupancy. The property was 100% occupied at time of closing.

This opportunity is anticipated to be a 5 year hold.

Pflugerville is experiencing a major boom! The 5-mile radius from our site is expected to have a 15.7% growth rate, roughly 4 times the national average of 3.9%. Average household income is unexpectedly high, at $91,368 (compared to Round Rock at $78,885). The project is located less than 1.8 miles from the new Pflugerville Baylor Scott & White Hospital. With little to no competition in the area, we are well positioned to take advantage of this opportunity.

Our 3rd Party Phase I Market Study came back approved for the site and we are confident in a lease up to stabilization in 18 months.

The property will include 66 Assisted living units and 24 Memory care, for a total of 90 units. A focus of the project will be to deliver a very strong amenity package combined with an activity focused community culture to the seniors at a good value.

This Class A, luxury Independent Living Community is perfectly located in Meridian ID, the fastest growing suburb of Boise ID.  Boise has an estimated population of 226,000, and mores specifically Meridian’s estimated population was 106,400 in 2018.  Meridian’s population has increased by 41% since 2010. Meridian boasts a 76.2% home ownership rate, 95.6% high school graduate rate, 77.9% Bachelor’s Degree or higher, 5.7% wage increase since 2016, was rated as the #1 place to live in 2015 by USA Today and was rated as the 4th Best Place to Retire by Forbes in 2019.

Our site is located 7 blocks from the busiest road intersection in the state of Idaho. We have four golf courses within 5 miles of the site, including The Spurwing Country Club, regarded as Boise’s finest. We have a St Luke’s Clinic and Rehab adjacent to our site, and will be a few miles from a brand new $100M, 90K SF Private HCA Hospital that will start construction this year.

This project will have 160 units, positioned with a best in class amenity package. The demand for this product type in the area is very strong: our 3rd party market feasibility study reported that the nine available communities surveyed are currently 97.8% occupied.

Investcor Capital acquired this asset in May 2021. This is Select Medical’s best performing LTAC in their portfolio. The property is located on Hefner Parkway and Northwest 50th, within one of Oklahoma’s busiest medical office parks.

Select Specialty Hospital has shown strong operating history with an average occupancy of 94% over the last decade. Select Medical Corporation (NYSE:SEM) is actively one of the largest medical operators in the country with over $5 Billion in assets.

The hospital sits on 4.9 acres overlooking a scenic pond. Select Medical Corporation provides a 100% corporate guaranteed, absolute triple net lease.

Investcor Capital partnered with Casoro Group with this investment opportunity to purchase The Quinn at Westchase, a 737-unit multifamily portfolio comprised of two properties located in the Westchase district of Houston. This acquisition gave our investors a rare opportunity to invest into one of the most sought-after Houston neighborhoods at below market pricing coupled with true operational/management upside.

In the past year, this 1978 vintage asset has received nearly $7 million in value added capital to the exteriors and approximately 45% of the interiors. The property was vastly underperforming its comp set due to extraordinarily poor management and poor implementation of a flawed business plan. With the property less than 60% occupied, the previous ownership and management team proved itself ill equipped to manage an asset of this size and complexity and ultimately ran out of funds. Together, we were able to acquire the asset at below market value coupled with a lot of value add upside potential.

Our strategy for this property is to drastically increase cash flows through implementation of its own vertically integrated management team, property clean up, and a light exterior amenity value add program. Casoro Group will bring in an experienced team from Houston who have excelled in similar lease up situations and who have proven capable of executing this business plan.

We believe we have purchased the best possible site for Senior Care in Sparks NV. Much time and effort was spent in finding the perfect site coupled with the right terms. It is located in the epicenter of Kiley Ranch, a 675 acre Master Planned Community which includes two schools, a new hospital, office park, village center, retail, multi-family, and over 5,500 single family homes.

Sparks NV is experiencing a major boom, and the area was cited as the #1 in the nation for job growth in 2018 (Milken Institutes 2018 Best Performing Cities List).  While the state of NV topped all other states with a 3.9% increase in employment, Reno-Sparks boasted a whopping 5.2% increase. The Reno economy has recently becoming a lot more diverse with major employers relocating to the area, such as Tesla, Google, Blockchains, Apple, Amazon and Switch.

Investcor is currently under partnership with Aspen Heights on a 797 bed garden style student housing development in College Station, TX. The site is approximately 26.8 Acres and is located about 1.5 miles south of the Texas A&M Campus. The overall area is in dire need of additional student housing; overall area occupancy is at 99%.

The subject property is located between Holleman Drive and Wellborn Road just south of Harvey Mitchell Parkway. It is approximately 1.5 miles to the Texas A&M campus. The site is in a proven location for student housing and more specifically, cottage style product. It is currently unimproved land and will require minimal cut/fill site work providing favorable conditions for the proposed design. The 26.8 acre site will consist of 2 and 3 bedroom duplexes, 4 and 5 bedroom cottages, ranging from 1,288 SF to 2,081 SF. The 797 beds will be constructed similarly to the 20 cottage-style student housing communities Aspen Heights has delivered historically. The project site was formerly zoned Rural and General Suburban; however, Aspen Heights successfully re-zoned the proposed site in August of 2015.

Aspen Heights has always provided the market leading amenity package, leading much to demand from students, resulting in high occupancy, higher rental rates and excellent tenant retention rates. This property will provide an excellent value, given the resort style amenities offered to the residents. Community amenities we currently anticipate to include: Private Gated Access, 24 Hour Fitness Center, Club Room, Resort Style Pool, Computer and Study Lab, Tanning Beds, Sports Court, Volleyball Court, Concierge Services

Our partner, Aspen Heights, is a national multifamily and student housing developer and manager headquartered in Austin, TX. With over $1 Billion in development since its founding in 2006, Aspen Heights has been dedicated to the development of a unique and innovative platform that joins quality construction and development with pioneering sales and marketing techniques, combined with world-class customer service.

It is not very often that an opportunity like this presents itself.  The Fairhaven is a historically significant building that was originally designed by arguably the most prominent architect to have come from Texas, O’Neil Ford. In his long and distinguished career, he achieved both popular and critical success, and his lists of achievements were considerable. In 1960, Ford was made a Fellow of the American Institute of Architects. He was appointed to the National Council of the Arts by President Johnson and in 1974 would be declared as a “National Historic Landmark” by the Council, the only individual ever so honored.

The Fairhaven was originally built as a senior care facility in 1963 and opened to its first residents in 1965. The building is well located near several churches, one block from Denton’s Historic District, and a few blocks from Texas Women’s University.  The building was closed down in 2007 and has subsequently fallen into disrepair. The scope of our work will be a full rehabilitation of the building, interior and exterior. All historically significant architecture will be preserved and maintained.

The interior will include 48 units and an expansion of the amenity package. Based on a recent Third-Party Phase I Market Study, the market currently shows a net demand of 101 units for AL. Projected net demand for 2021 shows 196 AL units. Through delivering an architecturally significant building, with a brand-new interior, combined with affordable pricing, we expect the building to lease up exceptionally fast compared to the industry standard.

Due to the property’s historic significance, we have overwhelming support from the City of Denton, who has offered a 50% property tax abatement for 10 years. It is expected that the property may benefit from other development incentives from the City, to include rebates on Building Permits, Impact Fees, Licensing Fes and possibly further reductions in property taxes. All of these savings, combined with a relatively short construction schedule, will allow the project to benefit with increased cash flows.

Perfectly located a few blocks from Central Texas Medical Center (the regional hospital for the area) and synergistically surrounded by multiple Independent Living and Skilled Nursing Facilities, which are all great feeders to our property. Surprisingly, no new AL/MC facilities have been delivered into San Marcos since 1999 and subsequently know our project will be well received by the community who is eager for updated and new inventory. Our 3rd Party Phase I Market Study came back very strong and we anticipate on filling this building up faster than the industry standard.

The facility will include 66 Assisted living units and 24 Memory care, for a total of 90 units. A focus of the project will be to deliver a very strong amenity package combined with an activity focused community culture to the seniors at an affordable price.

Located 75 miles north of Dallas, the Sherman-Denison MSA total population has grown by 9.9% since 1999, making it the state’s fifteenth fastest growing MSA. 17.28% of the population is over 65 years of age. The 6.9 acre development site is located immediately adjacent to Texoma Regional Medical Center. A strategic partnership with Texoma will allow Restoration exclusive access to hospital discharge planners. While these clinical referrals typically account for 30 – 40% of all residents, this relationship will significantly increase that procurement ratio.

The facility includes 48 assisted living units, 18 frail independent units, 16 memory care units and 6 hospice units. The project benefits from a partnership with the Texoma Regional Medical Center through the hospital's leasing of 1,200 sf of OT/PT/RT space and the 6 hospice rooms. Furthermore, the hospital will provide on-site palliative care and outpatient rehabilitation.

Located just across Lake Pontchartrain, Covington is 40 miles north of New Orleans. As the parish seat of St. Tammany Parish, the Covington primary market area has grown by 49% since 2000. The 6.7 acre development site is located near the intersection of Interstate 12 and Highway 190. The project benefits from this adjacency due to the 60,000+ average daily traffic count for each of these thoroughfares.

Facility includes 48 assisted units, 18 frail independent units and 16 memory care units.

Through a strong networking relationship we were able to secure this off-market site at the perfect time. The city was currently re-developing Davis Lane to become a main east/west thoroughfare road, similar to William Cannon and Slaughter Lane, and we were able to secure the site prior to completion of Davis Lane. The redevelopment has already significantly increased the car counts at this intersection, and will only continue to grow as a major south Austin intersection.

The 0.88 acre site is located on the south west corner of Brodie Lane and Davis Lane in south Austin. The area has had significant development and growth over the last several years, and there is a strong demand for additional retail/food use on Brodie Lane. The retail center will be a total of 7,979 square feet, consisting of up to 5 tenants. We have reserved the southern space for restaurant use.

The project is currently under construction, and the anticipated completion date is May of 2017. Once we reach stabilization, we will market the property for sale.

While pursuing new construction multifamily opportunities, Investcor came across the last remaining site located in the heart of the off-campus Texas State University student housing zone. Unfortunately, we came to find out that the site was already under contract. We reached out to the buyer to see if they were open to working together. Several months later, we were contacted by the buyer, Reed Companies, to work together. Investcor worked hand in hand with Reed Companies to find financing and co-develop the project. Unfortunately, during 2008-2011, new construction financing was very difficult to find.

After 3 years of pursing institutional financing for the project, it was decided the best step forward would be to market and sell the shovel ready project to a large development company who would be able to build/fund the project “in house”. A few months later, the property was sold to Aspen Heights, a very successful and fast growing multifamily development company based out of Austin TX. Aspen Heights went on to develop and successfully finish this project.

Located 7 miles north of downtown Pensacola, FL, Grandview Retirement Center is ideally situated one block south of West Florida Hospital (a 339 bed hospital serving the greater MSA) and a short drive to the Gulf of Mexico. The Pensacola-Ferry Pass-Brent MSA is the 10th largest in Florida, with Pensacola home to just under 54,000 residents. The area boasts exceptional demographic fundamentals for senior care, with 17.00% of the city's total population aged 65 and older, relative to the national average of 13.15%.

The 2.9 acre parcel the property currently sits on includes slightly less than 1 acre that is currently unused. THis land would potentially allow for expansion of the current facility. As we progress with strategies to decrease vacancy, complete capital improvements and streamline operations, we will evaluate the potential expansion opportunity available on our parcel.

Investcor Development had been intensively searching for the right piece of land for a retail development, and searched for over 7 months until it came across this site on University Blvd. All the statistics supported the future potential of the site and so Investcor locked it up. Less than 60 days later, HEB announced that they will be going in across the street, thus solidifying all data we were seeing. This ground up development took 18 months from start to finish. We received a full price offer within 2 months of completion, and sold it January, 2015.

Park Hill apartments is a 168 unit stabilized “A” Class garden style apartment community that was purchased at well below replacement cost, located in the growing city of San Marcos. This low risk property was purchased for investors that were looking for a long term cash flow and capital appreciation.

Not much work was necessary on this property. A capital investment of $318,000 was made, mostly into the upgrade units and then some for clubhouse and amenities. The unit upgrade took roughly 18 months. As tenants vacate units, an upgrade of new flooring, premium paint with a 2 tone color scheme, new countertops and a stainless steel appliance package is installed, thus increasing rents roughly 6-8% afterwards. Some minor improvements were made to landscaping, parking lot and exterior features.

The property sold in July 2017 at a 5.92% Cap Rate. This project was proposed as 5-year hold, and the final holding period was 21 calendar quarters, or 5 years and 3 months. Final IRR and Equity Multiple exceed proforma expectations.

After an intensive market study, a small void in the Salado, Killeen, Fort Hood and Harker Heights market area was found. There was a tremendous amount of growth in the area, tons of very affordable housing, some high end housing, but noting in-between. Further studies found that most people worked in Killen, Harker Heights and Fort Hood, however most wanted to live in Salado since they have an award winning school district.

Investcor came across a 23 acre lake front site located on Stillhouse Lake. The site posed many explicit conditions that were very advantageous. Firstly, it was as close as you could get to Killeen, Harker Heights and Fort Hood whilst still being in the Salado school district. Also, since it falls just outside of the Salado City Limits, the tax rate is only 1.84%, as opposed to 2.46% in the surrounding city limits.

The lower tax rates give the homebuyers at Salado Lakeview substantially more purchasing power. On the 23 acre site Investcor developed 53 lots. Half of the lots were earmarked to be sold off to buyers and builders, and the other half will be developed with houses by Investcor. Investcor typically builds two houses at a time and most sell prior to completion.

Cypress Ridge is a 244 unit, garden style, gated apartment community comprised of 21 residential buildings that was acquired as a highly distressed “B“ Class property in 2011. It was purchased at a 53% discount to the loan balance, for a purchase price of only $11,600 per door. Upon closing, the property only had an occupancy rate of 31%, was missing many AC units and needed extensive renovations.

An initial capital investment of $9,300 was required to renovate, restore and stabilize the property. The property is located in the north Houston area. After closing, roughly $1.1 Million was spent on the exterior property, replacing the roofs, balconies, siding, landscaping and completely repainting the exteriors of each building with premium paints.

Another $1.3 Million was spent on the interiors, essentially gutting out each unit and replacing drywall,kitchens, countertops, flooring, paint and appliances. Some of the challenging floor plans were altered, and in some cases combined with others, in order to create more efficient and higher yielding floor plans. The property’s renovations have subsequently been successfully completed and the property is stabilized at over 90% occupancy. Rental revenue has continued to surpass the properties all time high.

Casa Miranda Apartments (formerly Riverbank Apartments) was purchased as a highly distressed Class C property directly from the lender, post foreclosure, at approximately a price of 20% of the previous sales price in 2006. The property was purchased by the previous owner in 2006 for $11,428,000 and Casa Miranda was purchased directly from the bank for $2,100,000.

Casa Miranda is a 320 unit Class C, garden style apartment community, consisting of 24 buildings in total. Upon purchase, the property was extremely distressed, with occupancy just under 40%. After purchasing the property for $2,100,000 cash, extensive renovations began immediately. The capital improvement budget was $2,653,000. The complete exterior was redone; new roofs, new siding, new balconies, new paint scheme and new landscaping.

Significant improvements were made to the Clubhouse. The interiors were gutted out and received new flooring, paint, drywall, cabinets andappliances where needed. Once renovations were complete, a “rebranding” of the property was needed to shed the property of all the bad connotations that were associated with its past.

The property had a “grand opening” and ribbon cutting ceremony, boasting a new name, Casa Miranda (formerly named Riverbank). Casa Miranda was essentially launched as a brand new property and it was very well received by the community. Casa Miranda reached stabilization of 93.1% occupancy, roughly 24 months after acquisition and continues to receive record monthly gross revenues.