In July 2019, Principals of SHIR Capital announced the sale of Nest San Marcos apartments in San Marcos, Texas for $8.5 millions, yielding a 26% IRR. Principals of SHIR acquired with 104-unit apartment complex in the Fall of 2016 for $5MM, assuming the existing debt and adding further Seller Financing, minimizing its investment.
After purchase, a full value-add renovation was undertaken improving and adding to the amenities, along with strategic cosmetic exterior upgrades, including new paint, cedar railing and fencing and a basketball and soccer sports court. Also:
- Redesign of pool
- New landscaping
- Barbecue area
- Hammock corral
- Exterior lightning
- Re-branding & signage
- Parking lot upgrades
Interiors for all of the residential units were upgraded including:
- New two-tone paint throughout apartment
- New vinyl flooring throughout
- Fixture and appliance upgrades
- Refurbished existing cabinetry and countertops
- New blinds
- New plumbing and electrical fixtures
For more information about our Project Portfolio and becoming an investor in upcoming projects, please contact us at:
info@shircapital.com