RCRE – Unlocking the Value of Land with Adam Klenk and Austin Heithcock

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: h.austin@capstone-companies.com

Adam Klenk: (615) 861-9906

To register to invest with us:

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

Rand CRE’s Facebook: https://www.facebook.com/randcre

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

Rand CRE’s Instagram: https://www.instagram.com/randcre

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