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3100 London is in lease-up

We’re just beginning leasing on 3100 London, the largest project ever undertaken by Adaptive. This one was a bear. Among other things, we upped the unit count from 24 to 27, totally reconfigured all the units, re-vamped most of the entrances, constructed private outdoor spaces for all the units and resolved a majorly painful situation

Some rehab pics

Visited a smaller building we bought three months ago. About six months from now, these are going to be six of the nicest three bed units around, though you certainly can’t tell from how they look now!

How to think about assemblage

When you’re in a hot market, every second thing you get from brokers is a development opportunity. That’s generally code for “over-price land”. And I’ll tell you what your first impulse is: To see if you can maybe buy the land on either side and have that make the project work. (That’s called “assemblage”.) But this

The kind of risk we take

Was talking with an investor earlier this week about possibly financing our next ground-up deal. He considered our proposed deal structure and said, basically, “You guys aren’t taking any risk”. Which is sort of true, because we proposed to not put our own money in the deal. Instead, we were offering to backstop losses, partially fund overages,

Building a platform

Here’s a sobering fact: The overhead at Adaptive Realty runs something like $45k / month. That means, before Jon and I see $1 in 2016, we need to bring in revenue of around $540k. Why have we set our business up like this, rather than just being “deal doers” who are lean and mean? The