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

[Forrest Webber]

Investment Info:

Large multi-family (5+ units) commercial investment investment.

Purchase price: $6,280,000
Cash invested: $1,500,000

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

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.

What made you interested in investing in this type of deal?

I’ve always been drawn to overlooked infill lots in prime locations. North Sierra Condos fit that mold perfectly: a small, oddly shaped parcel that most passed over. I saw an opportunity to apply creative design and efficient use of space to unlock hidden value. Infill sites offer the chance to minimize land costs, reduce competition, and deliver highly desirable living options in walkable urban environments.

How did you find this deal and how did you negotiate it?

The property was operating as a short-term rental (BNB) when it came to our attention through local market relationships. We had been watching the lot for a while as part of our long-term strategy to target small, underutilized parcels in established neighborhoods. When the opportunity arose, we moved quickly, negotiated directly with the seller, and structured a deal that gave us time to reimagine the site’s full potential through design and planning.

How did you finance this deal?

We raised $1.5 million in investor equity to fund both the land acquisition and full development. We intentionally structured it as an all-equity project to simplify execution, eliminate debt risk, and offer our investor group a clean, straightforward return profile. We focused on maintaining a tight budget and clear communication with investors throughout the project.

How did you add value to the deal?

The true value add came from our vision and creative design approach. We reimagined an overlooked, oddly shaped lot that had been passed over by others. Through efficient space planning, thoughtful unit layouts, and maximizing every square foot of the parcel, we created a boutique product that appealed to renters seeking quality and location. We also secured pre-leases prior to completion, which greatly de-risked the project.

What was the outcome?

North Sierra Condos was fully leased prior to delivery, providing immediate cash flow and strong investor confidence. The project met or exceeded our projected returns. It became a textbook example of how small infill sites, when approached with the right strategy, can deliver outsized results.

Lessons learned? Challenges?

Every infill project presents a unique set of challenges. With North Sierra Condos, the site constraints required us to think creatively about access, parking, and overall unit flow. Working through those challenges made us stronger developers and reinforced our belief that constraints are not obstacles—they are opportunities to design more intentionally. This project taught us that “imperfect lots can yield perfect results with the right approach.”

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

We worked with an excellent local architect and a trusted general contractor, both of whom brought valuable expertise to a very custom project. We also partnered with investors who shared our vision and believed in the project from day one. While we won’t list specific names here, we’re always happy to share referrals privately with fellow developers looking for strong partnerships in the Texas market.