BCP - A Year In Review

BCP is pleased to share we successfully capitalized $316 million in real estate investments across seven transactions in Texas and Colorado. These investments included two multifamily acquisitions and three developments, an industrial acquisition, and an office acquisition.

Belle Spring Branch

Multifamily Off-Market Acquisition – Low-Cost Basis From Highly Motivated Seller
Houston, TX

Acquisition Value Metrics

30% below market comps, 26% below replacement cost‍

Strategic Location: Infill site

Surrounded by major employers, Emerging Spring Branch submarket

Competitive Edge

High quality 2021 mid-rise asset acquired from highly motivated seller at low-cost basis by resolving property tax underwriting issue for lender. Prime position in the transitioning Spring Branch neighborhood.

Location:

2308 Bingle Rd, Houston, TX 77055

Closing Date: 

November 2023; See the acquisition announcement here.

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South Lamar Medical Center

Office Acquisition Converted To Medical Condos In Prime South-Central Austin
Austin, TX

Immediate Investment Protection

Same day as closing, sold 38% of total square footage. (41,444 SF); 87% sold or under contract in 6 months‍

Premier Medical Office Location

Located in the amenity-rich South-Central West Gate area, the site has excellent access and visibility from major thoroughfares and is across South Lamar from the well-known Central Market.

Extremely Competitive Cost-Basis

Acquisition price below seller's debt balance; 70% discount to comparable sales

Location:

4544 S Lamar Blvd, Austin, TX 78745

Closing Date: 

May 2024; See the acquisition announcement here.

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Prose Lonesome Quail

Joint Venture Equity Multifamily Development - Low-Cost Basis With Best In Class Development Partner, Alliance Residential Company
New Braunfels, TX

Maximizing Safety With Low Construction Basis

Best in Class Development Partner, Alliance Residential Company, via their Prose product, can deliver product at a cost basis that is 22% below competitors. ‍

Rapidly Expanding Employment Base

The project will be the nearest multifamily project to 1,700 new industrial jobs at newly built commerce centers with immediate highway access to Austin, San Antonio, and the ever-growing metroplex between the two cities.

Best-In-Class Developer

Alliance is one of the largest and most well respected vertically-integrated housing developers in the country.

Location:

128 Lonesome Quail, New Braunfels, TX 78130

Closing Date: 

July 2024; See the acquisition announcement here.

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Crenshaw Grand - Houston, TX

Multifamily Off-Market Acquisition - High-Performing 2015 Asset With Minimal Future Supply
Houston, TX

Off-Market, Discounted Acquisition

Acquired off-market from an institutional owner seeking surety of close with the endorsement of in-place property management group.‍

Acquisition Value Metrics

25% below market comparables, 27% below replacement cost in a supply constrained market due to recently enacted density caps by the city.

Accretive Loan Assumption

7.7% average cash-on-cash from an attractive in-place cap rate and a low fixed rate, interest-only loan assumption

Location:

5400 Crenshaw Rd, Pasadena, TX 77505

Closing Date: 

July 2024; See the acquisition announcement here.

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Elevate At Fillmore

Joint Venture Equity Multifamily Development - Low Cost Basis With Best In Class Development Partner The Garrett Companies
Colorado Springs, CO

Maximizing Safety With Low Construction Basis

Best in class development partner has a competitive advantage as they can deliver institutional quality units at a total cost basis 23% below competitors in the difficult to develop Colorado Springs market. ‍

Best-In-Class Development Partner

BCP is pleased to partner with The Garrett Companies (TGC). TGC has developed a unique product type offering with broad unit variety catering to a range of potential renters, lower total unit count, at a low total cost basis.  

Premier Location

Site benefits from immediate adjacency to new retail development, outdoor recreation, and a strong and growing high-tech employment base

Location:

1300 W Fillmore St, Colorado Springs, CO 80907

Closing Date: 

November 2024; See the acquisition announcement here.

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11018 Delta Dr - Laredo, TX

Industrial Acquisition - 3.5 Miles From The Largest Freight Crossing In The U.S.
Laredo, TX

Immediate Value Increase

Immediate mark-to-market opportunity with 100% vacant building in a historically 99% occupied submarket; strong leasing interest prior to BCP close

Unique Product In A Mature Market

No incoming sub-125K SF (highly desirable size) product in this submarket

Strategic Location For Nearshoring

Site is a ~7 min drive from Laredo’s World Trade Bridge, which is under construction to double capacity

Location:

11018 Delta Dr, Laredo, TX 78045

Closing Date: 

November 2024; See the acquisition announcement here.

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Shady Lane Apartments

Direct Multifamily Development - Opportunity Zone + Property Tax Exemption + HUD 221(d)4
Austin, TX

Complementary Programs To Mitigate Risk and Maximize Returns

• Opportunity Zone Investment Highly advantageous tax benefits
• Property Tax Exemption (Public-Private Partnership “PPP”) providing workforce housing while increasing Net Operating Income
• HUD 221(d)4 Financing Highly favorable, fixed-rate financing, 40-year term, mitigation of future financing requirements, and attractive LTC.

Prime East-Austin, Infill Location

Austin’s rapidly developing east side offers residents a high quality of life minutes away from Lady Bird Lake and the Hike and Bike Trail, numerous park and trail networks, Downtown Austin, the Rainey St. District, and the increasingly global Austin-Bergstrom International Airport. Property overlooks the popular Govalle Neighborhood Park and connects directly to the southern trailhead for the Walnut Creek Hike and Bike Trail.

‍See the interactive rendering here

Location:

1125 Shady Ln, Austin, TX 78721

Closing Date: 

December 2024; See the acquisition announcement here.

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We are looking forward to what 2025 and beyond will bring, and are excited to continue sourcing and executing on unique investment opportunities for our growing investor base. To learn more about BCP and our current offerings, please email us at investors@buchanancp.com.

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