AUSTIN, Texas, Sept. 17, 2019 (GLOBE NEWSWIRE) -- On August 29, 2019 Redeem Acquisitions LLC, a Texas-based real estate services and solutions company, closed escrow and completed the purchase of the Verve Apartment complex located in Baytown Texas. The property title was taken in the name of Redeem-3201 Garth LLC, a Nevada-domiciled LLC, which is a subsidiary of Redeem Acquisitions LLC.
The Verve Apartment complex is located on 3201 Garth Road Baytown Texas. Baytown is a suburb located within the Houston/Woodlands/Sugarland Metropolitan area of southeast Texas. The Verve is a lovely 56-unit complex that was over 95% occupied at the time of closing.
The purchase price was $4.700 million under a 75/25 debt to equity capital structure.
75% of the funds came through agency financing and 25% of the equity funds came by way of a 506 Regulation D equity offering. The project has a 22% internal rate of return, a 3.2x Equity Multiple and provides immediate cash-flow to its investors.
The managing partner of Redeem Acquisitions, Christian Catron, a West Point graduate and McCombs School MBA, has been very aggressive in completing yet another savvy purchase. Just this past February of 2019 Redeem-202 Cole Street LLC (another Redeem Acquisitions subsidiary) completed the purchase of Space Colony Apartments located in the Webster/Clear Lake/Bay Area sub-market of Houston. Space Colony (now re-branded as Redemption Square) is a 32-unit complex that turned out to be a great acquisition. Rents and property values are exceptionally strong in the area. Mr. Catron was highly methodical in the research, negotiation, and transaction execution of the Space Colony complex.
The Verve acquisition was approached by Mr. Catron in the same methodical manner. He was able to secure favorable financing terms, he negotiated a discounted price and favorable contract terms with the seller, and he handled the actual closing of the transaction with military precision. Christian diligently evaluates the financial merits of a property when considering a purchase. There must be compelling factors that make the property a low to moderate risk with highly probable upside potential that can be captured through sound managerial practices and well thought out upgrades. Mr. Catron felt as if he had clearly identified all these relevant factors in the Verve property. That is what made him so aggressive in making this second purchase of 2019.
In a recent interview Christian stated; “The Verve was an absolute jewel. Interestingly, the value-add opportunity for this property came primarily in creating operational efficiency in order to significantly reduce expenses. While the property had recently undergone significant renovations, I discovered some additional improvement opportunities for the tenants. Lastly, given the population/job growth trends in this submarket, we’re well positioned to benefit from the natural rise in rent growth over the next decade due to the limited supply of comparable inventory. Given these factors, I quickly mobilized resources to make the purchase, calling upon my co-sponsors, Nicole Olesh-Aguiar, David Blank, and Darcy LaVeau, in order to move forward together. The numbers on the deal are extremely attractive and offers yet another golden opportunity for the Redeem Investors.” He further hinted, “There is also another transaction that the Redeem Team is soon to close. Another property in the Arlington area that is just as, if not more, impressive than the Space Colony and Verve properties.”
As managing partner of Redeem Acquisitions, it seems that for the foreseeable future Christian will continue to be very aggressive in completing more of these strategically sound acquisitions going forward under whichever Redeem banner is appropriate for each transaction. “Our team at Redeem Realty Solutions, LLC will continuously go above and beyond in an effort to unlock value for our investors and co-sponsors,” Christian said.
Christian has put himself and the Redeem group in a solid position to rapidly grow through sound and strategic commercial multifamily acquisitions. He has formulated unique and highly effective methods of sourcing sound off-market properties as well as those being offered for sale. He has also been able to assemble a strong group of investors who are very supportive and able to react with impressive agility, as well as strong relationships with dependable lenders with very competitive rates. Moreover, Mr. Catron has fully aligned himself, Redeem Realty Solutions, LLC its subsidiaries, and its affiliates with the New Business Ecosystem being administered by Vantage Advisors out of Miami, Florida.
The principal of Vantage Advisors, Warrick Norman, is very optimistic about the prospects for the Redeem group of companies. He was recently quoted stating, “Mr. Catron is a prime example of the new generation of business client that is now evolving in the market place. This new generation of business client has objectives and goals that many times are far more complex than the normal college, retirement, and disability considerations. It is up to financial professionals to formulate methods of higher level problem solving that are more advanced in order to adequately service these types of clients, and by doing so, may capture big ticket business more easily.
In exchange for helping to solve one level of the client’s problem the New Business Ecosystem, agents would have earned the right to service the insurance and investment needs of the Catron family, the Redeem companies, its affiliates, and subsidiaries. It is this new type of exchange that can be of great benefit to financial professionals and business clients alike. Financial professionals are seeking to increase sales and assets under management. Business clients such as Redeem Acquisitions are in need of more advanced financial support. If these two groups could somehow cooperate in such a way to better serve each others needs it would truly be a land mark event. This type of exchange is now starting to take place between companies like Redeem Acquisitions and Vantage Advisors through the New Business Ecosystem.”
A word about The New Business Ecosystem NBE
The NBE is a collection of registered securities representatives, insurance agents, money managers, and investment banks all acting in a coordinated fashion. The aim is to continuously generate capital for worthy corporate issuers while at the same time stimulate a constant flow of new business for various participating financial professionals.
This new business usually comes in the form of insurance commissions, mutual fund commissions, underwriting fees, and asset management fees.
The Vantage Advisors NBE is designed to provide a perpetual income flow to the participating financial professionals while at the same time help finance those that are looking to start , buy, merge, expand, or sell any legally functioning business enterprise.
www.VantageCorporateCapital.com
A word about Redeem Acquisitions LLC
Redeem Acquisitions LLC is a Texas based real estate investment and development company headed up by Christian Catron.
The company specializes in value-add real estate purchases and renovations. The company’s foot print has grown from single family and condo investments to multi unit transactions and large scale development projects. They seek out income generating properties with strong upside potential in economically vibrant areas of the country.
Redeem Acquisitions, LLC is part of the Redeem Realty Solutions, LLC family. The company’s mission as stated by Mr. Catron is to rejuvenate neighborhoods and increase the standard of living through the improvement of the overall quality of housing for the residents.
For more information about Redeem Realty Solutions, LLC and related activities direct inquiries to Christian Catron at 512- 269-0041 or send email to christian@redeemrealtysolutions.com
Corporate Websites https://www.redeemrealtysolutions.com/about-us/
www.VantageCorporateCapital.com
All media and NBE inquiries should be addressed to:
Warrick Norman