Collaborative Development | San Luis Obispo
 

Case Studies

 
 
 
 
 
 
01_Value-add-Industrial_Aerial.jpg

CASE STUDY #01

Value-Add Industrial
220,000 SF Building
Paso Robles, CA

Recent Press (Paso Robles Daily News) »

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.

 
 
 
 
 
 
02_Ground-up-Construction.jpg

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.

 
 
 
 
 
 
03_Entitlement-Project.jpg

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.

 
 
 
 
 
 
04_Value-Add-Multi-Family.jpg

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.