BCP - A Year In Review

2024 has been a year of significant growth and strategic achievement for BCP. We successfully capitalized $316 million across seven major transactions in Texas and Colorado, including multifamily acquisition and development, industrial acquisition, and office acquisition investments.

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Belle Spring Branch

Low Cost Basis Multifamily Acquisition From A 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

Below-market basis through a resolved tax valuation & a highly motivated seller, 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

Well-located Central Austin Office to Medical Condo Conversion
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

Amenity-rich Central Austin with excellent access and visibility from major thoroughfares

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 Partnership With Alliance Residential Company
New Braunfels, TX

Maximizing Safety With Low Construction Basis

Thanks to Alliance Residential's scale and expertise, the project will be built for 22% below competition's construction cost with industry leading delivery time‍

Rapidly Expanding Employment Base

The project will be the nearest multifamily project to 1,700 new industrial jobs at newly built commerce centers

Best-In-Class Developer

Alliance is one of the largest, 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

High-Performing Asset With Extremely Limited Competing Supply
Houston, TX

Off-Market, Discounted Acquisition

Acquired off-market with endorsement by in-place property management group ‍

Acquisition Value Metrics

25% below market comparables, 27% below replacement cost in market constrained by recently enacted density caps

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 Partnership With The Garrett Companies
Colorado Springs, CO

Maximizing Safety With Low Construction Basis

The project will be built for 23% below competition's construction cost in the difficult to develop Colorado Springs market‍

Best-In-Class Development Partner

Informed by years of demonstrated success, Garrett delivers a unique product type with broad unit type variety and less total units

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

Rare Opportunity That Layers Three Accretive Programs To Minimize Risk
Austin, TX

Complementary Programs To Mitigate Risk and Maximize Returns

• Opportunity Zone Investment Unique tax advantages for investors
• Property Tax Exemption (Public-PrivatePartnership “PPP”) boosting Net Operating Income
• HUD 221(d)4 Financing Highly favorable, fixed-rate financing 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.

‍See the interactive rendering here

Location:

1125 Shady Ln, Austin, TX 78721

Closing Date: 

December 2024; See the acquisition announcement.

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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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