Case Study: North Sierra Condos – Unlocking Value on an Overlooked Infill Lot

[Forrest Webber]

When we acquired the lot for North Sierra Condos, many passed on it. The overlooked site (operating as a BNB when we acquired) didn’t fit the typical mold for a multifamily development. But we saw an opportunity to create value through creative design and strategic planning.

We asked: What would it take to transform an underutilized urban parcel into a boutique living experience that maximizes every square foot?

The result was a thoughtfully designed 75-unit

multifamily (condoized) project that delivered modern comfort and efficient use of space in an underserved pocket of the market. The project was fully leased before completion, proving both the demand and the power of creative repositioning.

By the numbers:

• 100% pre-leased prior to delivery

• Refinanced to Cap Rate value before construction completed  (non-recourse debt with Trinity Finance out of Austin)
  

• Strong return on a tightly constrained urban infill site

Takeaway:

Some of the best real estate investments are found by leaning into what others overlook. Infill lots, unconventional shapes, and small urban parcels can become standout performers when paired with vision and execution. The key is to rethink the limitations and see them as design challenges—not deal killers.