Barton Creek Capital
AUSTIN, TX, December 13, 2011
/24-7PressRelease/ --
Barton Creek Capital, LLC, an Austin-based, real estate investment firm is offering
Sola City Homes properties at 20% below market value to speed sales and to bring fast equity to the new buyers. The firm has established a successful track record of wholesaling condos and townhomes in the Austin area.
SoLa City Homes are centrally-located townhomes perfect for homebuyers interested in living in the heart of Austin on South Lamar. The community is located in the 78704 zip code 3 miles from downtown.
Barton Creek Capital has employed the tactic of wholesaling at four of its Austin townhome/condominium projects. The result has been "velocity sales" in contrast to slower, overall local and national housing markets. The discount strategy has made Barton Creek Capital the largest wholesaler of condos in the desirable ZIP code, which includes Travis Heights and parts of South Lamar and South Congress.
"With the Austin rental market at 95 percent occupancy, rental rates are poised to increase 6-10% percent annually for the next few years. We were able to acquire Sola City at a significant discount and as a result are able to offer newly constructed townhomes at below market resulting in rapid sales absorption." states Keith Buchanan who is a partner in Barton Creek Capital with Justin Metcalf. "The cost of ownership is less than renting."
Sola City Homes is projected to build out a total of 47 townhomes in seven buildings. Barton Creek Capital took over a distressed property and purchased the remaining land of Sola City Homes in June to complete the project; there were 15 units built at that time, with nine sold. The company reduced prices on the remaining six, and they sold in three weeks. The additional 47 units will be built in phases with construction on the first 18 units beginning now; twelve of these are already under contract.
Initially offered for more than $400,000+, Sola units are now priced from $299,900 to $365,000. Their Madrid unit recently appraised for $396,000 or $174 per square foot. Currently, Barton Creek Capital is offering the same unit for $305,000 at $134 per square foot, which represents a $91,000 discount to the current appraised value or 23% off.
Sola City Homes are newly constructed townhome-style condos that boast sustainable architecture and simple designs. Residents appreciate their spacious 2,000+ SF floor plans and 10 ft. ceilings, and the environmentally-friendly amenities. Units are 3 Bedrooms, 3.5 Baths with 2-car garage and private yards.
Barton Creek Capital has sold 140 homes in 78704 with the average days on market to contract of less than 3 days, and they are the largest, and arguably the only, wholesaler of condos in the desirable 78704 zip code.
About Barton Creek Capital (BCC)
Barton Creek Capital "BCC" is a private real estate investment firm located in Austin, TX. BCC develops real estate investment strategies tailored to our clients' specific objectives and creates value by implementing those strategies. BCC invests in all types of real estate, including office, industrial, multifamily, and residential condominium projects. We seek investments that generate superior risk-adjusted returns and manage risk through diversification.
For more information on Barton Creek Capital visit
www.bartoncreekcap.com. For more information on Sola City Homes visit
www.solacityhomes.com.
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