Our Portfolio
CCC has completed a number of condo conversions. We have a tremendous amount of ``hands on`` experience and knowledge that we can share with you. Outlined below are the particulars on three of these conversions. CCC specializes in conversions in small markets (populations under 500,000). There are reasons, legal and regulatory, for selecting conversions in smaller markets.
River Trace was a foreclosed property. The complex was painted in four color schemes which we changed to one uniform color scheme. River Trace is located on the Vermillion River, its amenities did not take advantage of that location.
CCC injected $350,000 into the upgrading of the complex. A stucco and wrought iron fence was constructed around the complex with signage and security gate. Landscaping and a deck and cabana next to the pool were added. CCC designed and "built out" a completely decorated and furnished sales model unit and transformed what was an "eyesore" into a very attractive and profitable property.
CCC used a broad marketing strategy which involved: cable TV ads, direct mail, "open houses" for realtors, newspaper inserts and protection of realtors commissions.
River Trace consisted of 99,000 square feet in 66 townhome units. CCC injected $4.00 per square foot into the rehab of the complex. The complex was sold out with a profit of $30.00 per square foot.
Farrel Square Office Condos
Farrel Square was a foreclosed rental property and was purchased at a RTC auction. The local office rental market was soft so it was decided to do a condo conversion.
Farrel Square consisted of ten office suites of various sizes. It had a good location but was lacking in curb appeal. CCC added a brick fence, signage, landscaping and covered parking.
Farrel Square consisted of 12,000 square feet in 10 units. CCC injected $4.00 per square foor into the rehab of the complex. The complex was sold out in less than one year with a profit of $28.00 per square foot.
Garden Disctrict Townhomes & Condominiums
Garden District consisted of 16 townhomes and 14 condominiums comprising 21,800 square feet and was the only multi-family property in the downtown Lake Charles, Louisiana area. CCC directed its marketing at professionals and office personnel who could actually walk to their office. The complex was in need of exterior/interior rehab which could not be justified in a rental operation but could be justified in a condo conversion. We assisted buyers in obtaining local financing at a very attractive rate.
CCC added signage, landscaping, a completely furnished "model unit" and a pool with cabana. The complex was sold out with a profit of $32.00 per square foot.