Past Portfolio
University Park
Overview:
A partnership with the home developer, Ellen Grasso & Sons, in executing a multi-phase, pre-development sale of a to be built 7,500 square foot single family home in a highly sought-after residential neighborhood in Texas (University Park).
Details
Address:
3408 Caruth Blvd.
University, Texas 75225
Scope:
10,000/sf home
Investment Results:
Normandy Residential Services invested in the development of a luxury single-family home built in University Park, TX (part of Highland Park, TX). We purchased the land and developed a 10,000/sf home which was sold. Our partner on this deal was Ellen Grasso and Sons. The project involved: i) obtaining ownership of the existing home site by purchasing the asset, off-market, from the current owner; ii) clearing the existing home, iii) preparing the land to be ready for development, and iv) selling a new, to be built custom home, which is designed by the Home Developer and sold at market level pricing for a profit. This investment model had been used numerous times by the Home Developer and has proven to be a reliable and less risky method of achieving targeted returns without LP investors taking on construction risk.
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