The Austin chapter of the Urban Land Institute featured an entertaining “Shark Tank” themed competition at its monthly breakfast presentation April 27. Austin-based JoCo Partners won the support of the judges. Though no money actually changed hands as a result of the pitch competition, JoCo Partners 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 JoCo 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 JoCo Partners 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 JoCo Partners 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: