Real Estate Private Equity
3223 W. 6th Street
Description
BRP purchased an 11-story 181,000 square foot empty office building to convert into luxury condominiums.
Thesis
BRP purchased the empty building through an off-market transaction with a developer who faced economic challenges after finding out the core & shell needed significant capital expenditures. We were able to acquire the building and a 485-space parking structure for $95/net condo sf. The investment required a work out of several complexities including a recorded Seniors Housing Regulatory Agreement, municipal financing reconveyance, and parking easement issues.
Equity Investment
$19.7 million