While many real estate investors believe it's hard to find financing and good deals in the apartment market, Carlos Vaz and the company he named after his monther, CONTI are proving them wrong.
Carlos Vaz, a 31 year old real estate investor with a voracious appetite for apartment buildings and an uncanny knack for negotiation is proving to be one of the most active apartment investors in Texas with his recent acquisition of a non-performing loan on 266-units in Houston. A week later, CONTI foreclosed on the loan on 9/1/09.
The property, formerly known as Lenox Court Apartments, has been renamed Villa Adora apartments. It was built in 1980 and is located in southwest Houston, on high traffic Beechnut Street. It is primarily brick exterior construction with pitched roofs and individual HVAC units. The property is currently 45% occupied. CONTI acquired the note for "less" than $3.45M, however the actual acquisition price is undisclosed. CONTI plans on investing over $1.8M into the property. The local market occupancy is healthy, at over 88% physical occupancy. The seller was a national insurance company.
This is CONTI's first property in Houston after expanding outside the Dallas/Ft Worth Market, however it is the 10th apartment complext Carlos Vaz and his company, CONTI, has closed since he began investing in apartment buildings in 2008.
CONTI has recently completed 90% of the budgeted $700,000 reposition of a 232-units in Dallas, TX (purchased in April '09) and has completed 90% of the budgeted $700,000 reposition.
Carlos Vaz, and his partner, Steward Hsu, who comprise the two principals of CONTI, specialize in working with financial institutions to take their non-performing assets and turn them around. "This is what we do," says Carlos Vaz, President and Founder of CONTI Organization, "we take under performing multifamily properties, and breathe life back into them and the communities where they reside. We also happen to provide higher than average return for our investors by knowing what to buy, when to buy it and at the price that makes the most sense for our investors."
This acquisition brings CONTI's total portfolio to nearly 2,000 units, all located in Texas.
Carlos Vaz shares his insights with aspiring real estate investors on how to invest in apartment buildings in today's market when starting from scratch at http://www.TheMultiFamilyMentor.com
