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.