AUSTIN, Texas, Oct. 13 /PRNewswire/ -- Seven Hills Commercial, an Austin-based commercial construction company with offices throughout Texas, has been engaged by Post Investment Group to provide substantial renovation services for two properties - the 370-unit University Heights Apartments located in Austin and the 496-unit Oaks at Wood Forest Apartments in Houston. The projects are expected to cost approximately $11,000 per unit, resulting in a total contract value of just under $10 million. The projects include demolition, mold and asbestos abatement, complete unit interior rehabs and entirely new amenity packages.
Post Investment Group, a Los Angeles-based opportunistic real estate investment firm, previously partnered with Seven Hills in early 2010 on two substantial rehab projects that have since been completed. "Their rapid pace and quality of execution, flexibility in adjusting the scope throughout the project life cycle and limited change orders make Seven Hills our go-to partner in executing this high-risk aspect of our business plan," said Jason Post, President of Post Investment Group. "We are always very pleased with the delivered product."
Driven by what Seven Hills President Jason Mirabal defines as "relentless value engineering," Seven Hills approaches every project with a singular focus on maximizing investment return. "Working with Post Investment Group has been a mutually beneficial partnership for both companies," asserted Mr. Mirabal. By focusing on a largely neglected and fragmented component of the real estate market, Seven Hills has become an industry leader in strategic and substantial renovations of heavily distressed apartment communities. Seven Hills typically enters the process with property owners during the due diligence phase and concludes work with the stabilization of an asset's occupancy, as was the case with Post. The two projects Post acquired in early 2010 had initial occupancies of 0% and 28%. Each asset is now stabilized at an occupancy level in excess of 90%.
University Heights and Oaks at Wood Forest were financed by Hudson Realty Capital and Texas Capital Bank respectively, with equity originating from two of Post's programmatic joint venture equity partners. The projects were acquired by Post out of foreclosure from the special services.
About Seven Hills Commercial
Seven Hills Commercial provides real estate construction services to a spectrum of regional and national clients for multi-family, retail, industrial and commercial projects. Headquartered in Austin, Texas, with offices in Dallas and Houston, the company operates throughout the southern United States.
About Post Investment Group
Post Investment Group is an opportunistic real estate investment firm focused on the acquisition of multi-family assets nationwide. The company specializes in both core-plus and distressed investment opportunities, as well as ground-up construction capitalized through private and institutional investors.
SOURCE Seven Hills Commercial