Presidio Development Partners, LLC.
A Real Estate Investment and Development Company

The Versailles

San Mateo, CA
Project Description 61 unit senior residential condominium community completed in 2008 and located next to downtown San Mateo main shopping and dining district. Offers home buyers first-class, hotel-like services. Extensive amenities including indoor pool, fitness center, dining rooms, club lounge, library, rooftop gardens and putting green, great hall/screening room, outdoor patios, gardens and fountains.
Challenge Underwrite and purchase this REO property, institute new marketing and sales program, upgrade high level of services and amenities, and sell 36 condo units in this active seniors community.
Results Sold all residential condos on schedule and at proforma sales prices. Then sold operating company. Over 20% IRR achieved on equity investment.
Details Purchase Date: December 2010. Sales Date: September 2014. Current Status: Affiliate operates the service company.
Total Value $35 million.