History
Mordini Watters Capital Partners has successfully built a portfolio of unique and irreplaceable income-producing assets by acquiring properties for less than current market value, by understanding and mitigating risks, and by maximizing the income potential of each property. MWCP has extensive experience and a successful history in a broad range of asset classes, including raw land, commercial, retail, industrial, mixed-use development, and multi-family housing.
The principals of MWCP have established a strong track record, consistently generating leveraged returns of over 30% on almost $300 million of real estate acquisitions through 2007.
Acquired in September 2006 for $15.1 million, the 42-acre Sunrise Pointe Mobile Home Park was centrally located, with easy access to major arterials and Downtown Las Vegas. The property resides in the North Las Vegas submarket, which at the time of acquisition, had an industrial vacancy rate of 3.5%, rising lease rates, and strong market demand for a finite amount of industrial land.
Upon acquisition, the park was immediately shut down for the redevelopment of the land into its overlay use- industrial. The site included excess water taps from its previous residential use, potentially providing a significant savings. Its square shape also provided for the maximum development potential of the property. The park was completely clear by January 2006 and entitled for industrial development.
A number of REIT’s had made offers for the site. In April 2007, the principals of MWCP closed on the sale of the property, realizing a net gain of over $2.6 million in the seven months of ownership and a 106.89% annual IRR to its investors.
Located in Lakewood, Colorado, this four-story 123,000 square foot office building was acquired in June 2005 for $5.25 million. At the time of acquisition, the property was only 20% occupied, due to the recent departure of a major tenant. The building was purchased for $42.69/SF, which was believed to be 72% below replacement cost for the building and the land.
The building is in excellent condition, recently renovated in 1999. It is in close proximity to Downtown Denver and includes amenities such as a grand entry lobby, three elevators, and a fitness center.
Presently, the building is over 90% leased. One of the tenants is a national company, occupying 36.6% of the property, through May 2017. Until 2011, only a 13.4% rollover is expected. Current market value for the property is $17 million.
The property was recently refinanced, at an interest rate of 5.1%, with a portion of the loan going toward capital repairs to the roof and the parking lot.
The principals of MWCP have established a strong track record, consistently generating leveraged returns of over 30% on almost $300 million of real estate acquisitions through 2007.
Historic Examples of Past Performance:
Sunrise Pointe Mobile Home Park
Acquired in September 2006 for $15.1 million, the 42-acre Sunrise Pointe Mobile Home Park was centrally located, with easy access to major arterials and Downtown Las Vegas. The property resides in the North Las Vegas submarket, which at the time of acquisition, had an industrial vacancy rate of 3.5%, rising lease rates, and strong market demand for a finite amount of industrial land.
Upon acquisition, the park was immediately shut down for the redevelopment of the land into its overlay use- industrial. The site included excess water taps from its previous residential use, potentially providing a significant savings. Its square shape also provided for the maximum development potential of the property. The park was completely clear by January 2006 and entitled for industrial development.
A number of REIT’s had made offers for the site. In April 2007, the principals of MWCP closed on the sale of the property, realizing a net gain of over $2.6 million in the seven months of ownership and a 106.89% annual IRR to its investors.
555 Zang Street
Located in Lakewood, Colorado, this four-story 123,000 square foot office building was acquired in June 2005 for $5.25 million. At the time of acquisition, the property was only 20% occupied, due to the recent departure of a major tenant. The building was purchased for $42.69/SF, which was believed to be 72% below replacement cost for the building and the land.
The building is in excellent condition, recently renovated in 1999. It is in close proximity to Downtown Denver and includes amenities such as a grand entry lobby, three elevators, and a fitness center.
Presently, the building is over 90% leased. One of the tenants is a national company, occupying 36.6% of the property, through May 2017. Until 2011, only a 13.4% rollover is expected. Current market value for the property is $17 million.
The property was recently refinanced, at an interest rate of 5.1%, with a portion of the loan going toward capital repairs to the roof and the parking lot.