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MSI is aggressively seeking land for apartment development in the Major Texas Metros. More specifically, properties located in or near dynamic sub-markets with a diversified employment base. Acquisition Criteria: Zoning or deed restrictions allowing for apartment development Adequate utility capacity available 3.5+ acres (urban/high density sites ) 10.5+ acres (suburban sites) Larger tracts which may be subdivided will also be considered Ownership: Land will be purchased on an all-cash basis or a combination of cash and new acquisition financing. Joint Ventures will be considered on a case by case basis. Submission Information: Information packages should include the following: General property information such as a location map, aerial photographs, etc. Demographics Zoning and or deed restrictions Utility information A market/neighborhood overview Sales comparables of nearby land of similar size and highest and best use. Brokers will be protected in the event that a property is not exclusively listed. Please phone us with your listings prior to sending a package to ensure proper broker protection.
Multi Family Investment Criteria Preferred Markets:Michael Stevens Interests, Inc. anticipates acquiring existing apartment properties in the four major Texas metropolitan markets. Projects of at least 150 units will be considered in secondary markets. Apartment Acquisition Criteria:Michael Stevens Interests selectively acquires properties in dynamic markets where the underlying value is based on an anticipated yield commensurate with the perceived risk. Our acquisition profile includes properties that are generally characterized as "C-" to "A+". We are currently seeking apartment properties of 1980 or newer construction containing approximately 150 units or more with pitched roofs and a balanced unit mix. Older properties or rehab candidates will also be considered on a case by case basis. Ownership:Properties are purchased on an all-cash basis or subject to existing financing. MSI generally purchases a 100% interest. Submission Information:Information packages should include a location map, color photographs, year of construction, occupancy percentage, unit mix, tax valuation and rate, year–to-date and previous year operating statements, and a market/neighborhood overview. Please phone us with your listings prior to sending a package to ensure proper broker protection.
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