Real Estate Developer Pitches a Strike

The Austin chapter of the Urban Land Institute featured an entertaining “Shark Tank” themed competition at its monthly breakfast presentation April 27. Austin-based SHIR Capital won the support of the judges. Though no money actually changed hands as a result of the pitch competition, SHIR Capital representatives sought an investment of nearly $1.9 million to reposition an apartment complex in San Marcos. The 104-unit redevelopment is an actual project that SHIR is looking to complete. They’re in the process of assuming a CMBS — commercial mortgage-backed security loan — from Wells Fargo. Partner Jason Cohen said the company expects to spend $6,000 in upgrades to each unit, which should boost rents substantially in the rapidly growing I-35 corridor south of Austin.

The judging panel included Rob Golding of Live Oak-Gottesman, Shaun Cranston of Brookfield Residential and Rob Shands of RedLeaf Properties LLC. In selecting SHIR Capital as the best team, Cranston cited their track record of success, their understanding of the financials and their knowledge of tenants in the market. As it turned out, the audience — via text messaging — also selected SHIR Capital over Equity Brick, a crowdfunding real estate investment platform, and Maker’s Park, a shared warehouse concept in Austin with similar dynamics as co-working operations such as WeWork. The winning team will receive a booth at ULI’s marketplace exhibition event.

— Jan Buchholz, @ABJBuchholz

Austin Business Journal


Article can be found at: