CASE STUDY #01
Value-Add Industrial
220,000 SF Building
Paso Robles, CA
Construction
We executed a multi-million dollar, demising and upgrading plan that resulted in the conversion of a single tenant industrial building to a multi-tenant configuration.
Increased Value
Covelop managed a joint venture to purchase, reposition and lease one of the largest buildings in the county. Previously vacant, by close of escrow we increased occupancy to 30% and, within two years, reached 100% occupancy.
Impactful Changes
After extensive research, we installed one of the County’s largest rooftop solar power systems which reduces costs for tenants, generates profit and benefits the environment.
CASE STUDY #02
Ground-up Construction
9 Single-Family Homes
San Luis Obispo, CA
Construction
Using our homebuilding experience, we worked with the architect to design a compact, desirable pocket neighborhood. Focusing on design efficiencies, we were able to build quickly and profitably.
Increased Value
We leveraged state affordable housing laws to densify the project and increase returns while providing more housing. The project was very well received and we were awarded with sales outpacing our projections.
Impactful Changes
San Luis Obispo has a housing market that makes it difficult for many people to purchase a home. These homes were designed to be affordable in order to provide more purchase opportunities to the community.
CASE STUDY #03
Entitlement Project
69 Apartments
San Luis Obispo, CA
Strategic Acquisition
Knowing the seller had to complete a complicated lot split prior to sale, we were able to entitle the project in escrow. We then sold the project in a double escrow.
Increased Value
Drawing on our multi-family experience we designed a dense, amenity rich, apartment project in a commercial zone, creating a value premium over the traditional commercial development alternative.
Impactful Changes
By utilizing “affordable by design,” we kept the average unit size small creating high-quality units in a segment missing from the local market.
CASE STUDY #04
Value-add Multi-Family
249 Apartments
League City, TX
Strategic Acquisition
To successfully undertake a renovation project of this scale in Texas, we formed a joint venture with a local operator. We handled the debt and the equity, and collaborated with our partner on the major decisions.
Increased Value
We targeted interior and exterior renovations, which translated to a substantial increase in leasing. Then, we enlarged a small marina at the property, which created an additional income stream.
Impactful Changes
The business plan addressed both physical upgrades and better management of the property, elevating the safety and comfort for all residents.