“I have capitalized on almost all of the suggestions Alamo Brokers of Texas gave me over the last few years, and since then my company has more than tripled in size!”
 
Cheryl Potter
Cherry Tree Hill



Property Turnaround and Sale

The scenario

Property Turnaround | Alamo Brokers of Texas Case Study
A private lender foreclosed on a commercial property in Leander, Texas in 2009. The property comprised a 19,250 SF commercial multi-tenant building, located on 13 acres. A local broker was initially hired to manage and lease the property, but was not successful. Instead, the property fell into more serious disrepair and sat empty for several years. During this time, the City of Leander incorporated the area where the property was located, making a full sprinkler system mandatory in order to obtain a Certificate of Occupancy and drastically increased the property taxes. The property owners found themselves with a property that was not only a tax liability but in need of major repairs and upgrades to bring it up to habitable condition. 

The solution

Alamo Brokers of Texas was hired to turn the property around. The goal was to restore the property condition, lease it up, manage and stabilize the property, and eventually sell it. The critical property issues were remedied, such as leaking roof, water damage, missing/non-working HVAC systems, etc. Additionally, we met with the Appraisal District and negotiated down the property value and thus reduced the tax burden. We also met with the City Planning Department to negotiate a minimum acceptable improvement plan in order be able to lease the property. In accordance with the plan, among other things we hired a sprinkler installation contractor and managed the installation.

With the property finally in rentable condition, it was marketed and leased to 90%+ occupancy within four months. Once the property was stabilized and had a solid income track record, it was marketed and sold at a price that satisfied the owners.

Testimonial

"We have worked with Alamo Brokers of Texas on other projects, and knew that Stefan would have the skills and integrity to turn around this property. We are very pleased with his efforts."

N. Elbaz, Seller



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