Mike Taravella and co-host Will Coleman interview Adam Klenk and Austin Heithcock of Capstone Apartment Partners

Key Information:

Access to jobs and walkability are very critical when evaluating land

Newly developed builds in the surrounding market with rents per sq ft between $1.40-$1.50 and 200-300 units are ideally for new development 

To develop you need to understand city zoning and planning 

Entitlements: A specific plan or use a city has for a the land or building

Nashville B-C Acquisitions = $70-$100k per Door

Nashville New Build = $150k per Door

Land prices increases due to compressing cap rates due to demand

The less barriers with the land, the more costs saved to prepare it for sale  

Civil engineers help promote your plans to the city

Land sales haven’t slowed down during the pandemic due to leasing is 36 months from now

Small developers leverage local banks for financing 

Expert Pro Tip: Submit offers on deals and provide feedback to the brokers, especially if it is an off-market opportunity.

Contact Information:

https://capstoneapts.com/

Austin: [email protected] 

Adam Klenk: (615) 861-9906

To register to invest with us:

https://invest.randpartnersllc.com/invexp/accounts/login/

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Rand CRE's Linkedin: https://www.linkedin.com/company/randcre

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