Case Studies
Dec 17, 2023
Case Study: High-Return Triumph at 4 Eighty West Parker Apartments
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In 2011, TriArc CEO Joseph Bramante acquired The Shavelson Apartments—a 26-unit property in Houston, Texas. Despite residing overseas in Papua New Guinea and limited multifamily knowledge, he took a leap of faith based on photographs and some handwritten financial statements.
Originally planning a minor renovation, Bramante recognized a greater opportunity and invested $14,000 per unit instead. However,unexpected challenges arose, including the presence of asbestos and fraudulent insurance coverage, which threatened the property's financial stability.
Undeterred, Bramante doubled the renovation budget to$30,000 per unit, initiating a comprehensive repositioning plan. Nine months later, the Shavelson Apartments were fully leased, stabilized, and ready for refinancing.
His strategic risk-taking paid off handsomely, doubling the property's income and tripling its net operating income (NOI), resulting in a remarkable 207% cash-out on the refinance.
Today, Bramante continues to manage the Shavelson Apartments, with a planned future exit, projecting an impressive 34% internal rate of return (IRR) and a 4.8 times equity multiple.
Bramante's journey serves as a compelling case study,exemplifying the resilience and strategic thinking required for successful real estate investment, even in the face of adversity.
*DEFINITION OF ACCREDITED INVESTOR
You qualify as an Accredited Investor if you meet any of the following criteria: a) You earn over $200,000 in annual income, b) You, together with your spouse earn over $300,000 in joint annual income, c) You have a net worth, exceeding $1,000,000 (excluding the value of your primary residence), individually or together with your spouse.
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