LAND DEVELOPMENT

We purchased 109 hotel rooms on 2.2 acres in Baton Rouge, Louisiana. We negotiated 90% seller financing on the acquisition and invested $650,000 into renovations. Baton Rouge is the capital of Louisiana and has a large population with high demand for workforce housing. The median income in the area surrounding the hotel is $52,000. The neighboring gas station and 1 acre parcel was recently purchased by Circle K and and redeveloped into modern gas station with 18 pumps and 4,500 square feet of retail. The property has a projected NOI of $1,600,000 with a stabilized valuation of $8,000,000. 

We purchased 160 units, 3.2 acres of land, and 8,000 square feet of retail in Lafayette, Louisiana for $2,300,000 as an off market distressed sale. The property is located on a major intersection at the I-10 and the N University Ave exit. The property was poorly managed, had deferred maintenance, the retail was vacant, and a 40 unit building on the property was reduced to a grey shell with broken windows.  We assumed an existing seller financing for $1,009,000 and used cash for the rest of the down payment. The project presents numerous opportunities including the rebranding of the hotel, land development, and zoning changes to convert the 40 unit grey shell to an apartment building.  The stabilized value of the hotel alone is $8,000,000 and the tital project value could exceed $20,000,000. 

The Towne and Country Motel is an extended stay motel located in the Fremont East area of Downtown Las Vegas. We purchased the existing motel in 2019 and increased the revenue from 500% from $78K annually to over $545K in 2022. The motel has been operating around 95 occupancy and more rooms would help increase revenue as we serve the local market.

This project will utilize the east side of the property and increase the number of keys to 77.  

This piece of land is located at 1801 Fremont Street and Bruce Street in Downtown Las Vegas. It had been a gas station and auto shop in the past, but was currently not in use.  We came up with a concept to convert the land to a gas station with a convenience store. Unfortunately, during the inspections we reviewed a phase 1 report and discovered soil contamination that appeared to be coming from the property and spread across the street to the school. We would have ordered a phase 2 inspection, but the current owner did not want to agree to cover the cost of remediation if the study came back positive. We saved ourselves from a big headache on this project.

The apartments at 2201 Fairfield are located across the street from the 

Stratosphere, one block from Las Vegas, BLVD. Built in the 60s, the complex was  falling apart and in need of major repairs. The plan was to convert the apartments to a boutique  extended stay motel. The property had a mid-century modern look that we embraced. The plans included a pool, security gates, open kitchens, and modern rooms. 

2201 Fairfield Avenue, Las Vegas, NV 89101