PORTFOLIO

 
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LANDMARK APARTMENTS

Location:  Albuquerque, NM

Property Type: Multi-Family

Acquisition Date: August 2019

Units: 102 + 9 Retail/Office

Status: Current

Located in the heart of Uptown, a major upscale retail and employment destination, the Landmark is comprised of 102 apartment units and 9 retail/office units in one ten story tower. The reinforced concrete and masonry structure was completed in 1970 Located in an outstanding infill location, the Landmark sits within steps from the most popular retail  destinations in the city, including The Coronado Town Center, ABQ Uptown Urban Lifestyle Center, and Winrock Town Center.


The Landmark’s exceptional construction quality and condo like units offers an opportunity to accelerate rent growth with upgrade plans for both the units and common areas Currently, over 50 of the units at the Landmark are non renovated, allowing for significant increases in rent Both the property’s location and features justify higher end finishes for both partially renovated and non renovated units.


To be able to acquire another trophy asset in one of the strongest submarkets in Albuquerque is very promising. Our extensive knowledge of the Albuquerque market coupled with the synergies from our current Albuquerque holdings will allow us to deliver maximum profitability and efficiency at the Landmark.

UPTOWN SQUARE APARTMENTS

Location:  Albuquerque, NM

Property Type: Multi-Family

Acquisition Date: July 2018

Units: 122

Status: Current

Uptown Square Apartments, an Albuquerque midrise apartment community in a prime location in the heart of Uptown, a major upscale retail and employment submarket. The community is composed of 122 units in two seven-story reinforced concrete towers completed in 1976. The outstanding infill location provides a permanent locational competitive advantage within steps of the Coronado Center, ABQ Uptown urban lifestyle center, and Winrock Town Center, the most popular retail destinations in the city.

Uptown Square’s exceptional construction offers an opportunity to accelerate rent growth with a unit upgrade program. Sixty eight (68) of the units have had light renovations, and 54 units are “classic” or unrenovated. The property’s location and other features would justify a higher finish level for both partially renovated and unrenovated units.

Uptown Square will provide investors with attractive yields, consistently strong occupancy, and the opportunity to benefit from a strategic value-add program which will increase revenue and reduce expenses.

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MARQUEE VILLAGE

Location:  Albuquerque, NM

Property Type: Multi-Family

Acquisition Date: April  2018

Units: 60

Status: Current

Built in 1950, Marquee Village is located in the desirable University sub-market of Albuquerque where there is continued rent growth and high occupancy. The complex is in an exceptionally good location being only three blocks from the University of New Mexico, two blocks from the Presbyterian Hospital, and one block from the Albuquerque Rapid Transit (ART) System. The Property consists of six two story apartment complexes totaling 60 units. Each unit is townhouse style with a bathroom, one or two bedrooms upstairs, a kitchen, dining room, and living area downstairs. Other amenities include: on‐site laundry rooms, covered parking and courtyards.

Marquee Village will provide investors with strong yields  through management efficiency and unit/common area upgrades as needed.

CHELSEA VILLAGE

Location:  Albuquerque, NM

Property Type: Multi-Family

Acquisition Date: October 2017

Units: 135

Status: Current


Chelsea Village is a 135-unit multifamily complex located in the desirable North East heights neighborhood of Albuquerque, New Mexico. Chelsea Village recently underwent an extensive $1.5 million renovation that encompasses newly remodeled units, upgraded landscaping, as well as other improvements to enhance the experience for residents of the community.

Chelsea Village provides investors with attractive in-place yields, consistently strong occupancy, and the opportunity to increase revenue through strategic renovations and operational efficiency.

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JIFFY LUBE

Location:  Spring, TX

Property Type: Single Tenant NNN Leased

Acquisition Date: January 2017

Hold Period: 11 Months

Status: Exited


HiCap acquired the Jiffy Lube property in Spring, TX in January 2017 for $1,770,000. HiCap had spotted a vast dislocation in price among Jiffy Lube properties that had previously traded and acted quickly to purchase the property at an above average Cap Rate. HiCap was confident in the site’s location and above average sales numbers. HiCap’s swift due diligence process and quick access to capital allowed it to take advantage of this opportunity.


HiCap sold the property in November 2017 for $2,250,000.


Investment Highlights Include:

Purchase Price: $1,770,000 

Sale Price: $2,250,000 

Property XIRR: 89%

Investor Cash-on-Cash Return: 49%

Investor Equity Multiple: 1.49x

 

©2019 by HiCap Management, LLC