The Legacy Acquisitions team has executed real estate projects ranging from small, single-family homes to large, multi-occupancy rental properties. These include town-homes, lofts, multi-family and high-rise office buildings totaling $1 Billion in markets across the country.
Our team works hard to add value for our partners and investors. Here are some of our past projects.
|Purchased:||NSD Ventures & Legacy AX 2021,|
|Renovation Cost:||$3.6M Renovation Cost ($2.25M exterior + $1.35M interior)|
|Objective:||Significant exterior/interior renovation for curb appeal and building a stronger community, new management, conservative underwriting (Break-even at 59% occupancy despite actual occupancy at 94%), large increase in NOI and cashflow, refinance in Yr 3 leading to a 10 year hold-period to take advantage of robust operating income.|
|Result:||Meeting and/or exceeding all cashflow projections, renovations and stabilization efforts underway.|
|Built:||April 2021 – December 2022|
|Objective:||To build great communities w/c will result in a legacy of wealth creation for our investors and lasting impact on our residents.|
|Exit Cap rate||6.50%|
|Partnership Returns (LP)||17.53%|
|Result: (LP)||Construction underway, 1st Unit will be delivered in September 2021|
1047 N Fulton St, Fresno, CA 93728
|Objective:||Quickly turn vacant units, light construction, increase rents.|
|Result:||Sold July 2019, $925,000|
2005 E Pontiac Way, Fresno, CA 93726
|Result:||Sold August 2019, $1,125,000|
2043-2069 E. Saginaw Way, Fresno, CA 93726
|Objective:||Increase rents, add value|
|Result:||Sold January 2019, $1,200,000|
4518 E Fountain Way, Fresno, CA 93726
|Budget spent to date:||$791,800|
|ARV $5,125,000 with rents at $850
ARV $5,285,000 with rents at $875
Based on a 10% vacancy and 40% expense ratio after renovations completed.
4409 Alabama St, San Diego, CA
6 unit property…increased rents by 60% in less than 18 months.
700 Main Street, Venice CA
Dogtown Station, 35 units, Venice CA
Ground Up Construction
|Live Work Lofts|
|One block from the beach, north of Abbot Kinney in the heart of famed Silicon Beach.
Last 10 units sold for $900-$1,000 psf, over 54% higher than initial sales.
PS Business Parks
Managed and brokered several assets for PS Business Parks (NYSE:PSB) and Public Storage (NYSE:PSA) for nearly 15 years. Robin Mather, Vice President of PS Business Parks (NYSE:PSB) says “McMullen and team are the model by which we judge every other brokerage and asset management team in our entire portfolio.”
At 150,000 SF PS Business Parks, McMullen Team:
+ Increased lease rates by 14%.
+ Boosted occupancy 10% above market average.
+ Average lease-up for available suites was 1.7x faster than market.
1020 Granville, multi-unit property in Los Angeles (Brentwood), CA
Purchased, rehabbed, marketed, and in escrow in 122 days.
Gorilla Brands, California, Texas, Colorado, New Jersey, Pennsylvania, North Carolina, South Carolina, Mississippi, Alabama, and Florida.
Chief strategist and developer for 70 new tech franchise stores in less than 3 years.
“The Legacy team is driven, professional with a deep understanding of the fundamentals necessary to be successful in the commercial real estate community. They are extremely likable which helps them formulate deep relationships necessary to winning deals and influencing people. Legacy epitomizes the team you want working your transaction.”
–Scott Selke –Managing Director, Integrated Capital Management