All Forum Posts by: Robert Ellis

 when you say build to rent multifamily house what does that mean 

Developer from columbus oh in miami for the month looking to network and connect with developers of ground up multifamily and condos. Please let me know if you are in the market 

 I'll shoot you a PM I'm out of Columbus OH expanding to miami we do full construction ground up if that's what you are looking for. 

🏡 Investor Alert: Prime Development Opportunity in Columbus, Ohio!

Are you on the lookout for a groundbreaking real estate venture? Pink Development presents an exclusive opportunity to partner with us on a cutting-edge Build-to-Rent Stacked Triplex project in Columbus, Ohio.

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1. Proven Track Record: Pink Development brings a wealth of experience, having successfully executed numerous projects in the Columbus market.
2. Innovative Design: Our Stacked Triplex design is set to redefine modern living. With a focus on maximizing space and optimizing rental potential, it's a unique investment opportunity.
3. Strategic Location: The development is strategically located in Columbus, offering accessibility to key amenities, schools, and entertainment hubs, ensuring high tenant demand.
4. Expertise in Local Regulations: Navigating the intricacies of local regulations is our forte. We ensure a smooth development process with a deep understanding of zoning laws and building codes.

🏗️ Project Highlights:

• Stacked Triplex Design: Innovative layout maximizing rental income.
• Prime Location: In the heart of Columbus, near essential services and attractions.
• Proximity to Key Developments: The area is witnessing rapid growth, enhancing long-term investment potential.

💰 Investment Snapshot:

• ROI Potential: Our detailed financial projections indicate a robust return on investment.
• Tenant Attraction: The unique Stacked Triplex concept is designed to appeal to a broad tenant base.

📈 Why Columbus, Ohio?

• Booming Market: Columbus is experiencing rapid growth, making it an ideal location for real estate investment.
• Strong Rental Demand: The city's economic vibrancy is driving a surge in rental demand, creating an ideal environment for lucrative returns.

📹 Exclusive Virtual Tour: Want an exclusive peek into our vision? We're offering an immersive virtual tour to interested investors. Let the development come to life before your eyes!

📞 Contact Us Today: Ready to explore this lucrative opportunity further? Reach out to us for detailed project plans, financial projections, and to schedule a one-on-one consultation.

Rob Ellis

Pink Development and Construction

614-400-8762

[email protected]

 that's' amazing 

 if you'd consider developing I just posted about it in south florida 

Columbus Developer expanding to Miami because new construction sells $1000+ per square foot. We have been able to find great gaps in the market in our market in Columbus OH and looking to expand with partners in Miami, FL. We are focusing on the midrise market to start. I have 100+ articles about development in Miami I can share with anyone who wants to learn, but we are targeting T6 zoning areas. The following site is one we are going to do a Mock up design of a midrise condo building at approx 16 units because of parking issues. The majority of condos in Miami right now (more than 1/2) are being sold as investments to foreign nationals. I've done 10+ condo projects in Columbus OH but it is not a Condo market. If you are a capital partner who is serious about real estate returns, this market is probably the best in the country. We build extremely compact in Ohio around 650 sq ft 2 beds that sell at a massive premium to the market. I have hundreds of hours in underwriting supporting our theses and would love to connect with anyone in South Florida who has the capability to partner on these size projects. In 2 hours I can show you the execution. I'll have a deck finalized on this site within 10 days and I have 30 days on site trying to put a deal together down here. My info is in my signature please call or text to connect. We can build with greater than 50% equity in Miami. I build with profit for $160 / sq ft in Columbus OH. We wanted to enter a high barrier to enter market. I have 10 years of experience in real estate brokerage, condo conversions, renovations in all asset classes and construction in 20+ states, 500+ transactions of which at least 50% were condos and multifamily, developer and licensed general contractor in Columbus OH and I have partners all over the country I'm actively doing projects with. If this market interests you and you aren't in the market that is ok we have partners in Austin, San Francisco, New York, Los Angeles, etc. 

Here's a great article about the "mini mid rise" from a Toronto developer that talks about building density on a single site that talks about this strategy and how it's wide open, especially in a site like this. We can break down the land cost per unit to less than 10% of cost which I what we look for in our market in Columbus OH and what makes it so great. 

Article: 

https://nationalpost.com/life/homes/rise-of-the-mini-mid-ris...

Site we are doing a mock up of:

T6 zoning

https://www.redfin.com/FL/Miami/745-NW-62nd-St-33150/home/167997326

8 stories, 21 units, 41 bedrooms, 29,000 sq ft building, density of 150 dwelling units an acre permitted, footprint 4665 sq ft allowed

 I wouldn't recommend subdividing them and putting utilities in. multifamily entitlement is much higher returns than subdivisions. just my advice but I have 10 years of experience in agency, appraisal, development, construction, from a national perspective but based out of columbus 

Affordable Columbus, OH 2 bedroom new build near intel

Experience modern living in this 2-bed, 1-bath ranch with 21' soaring ceilings, high-end finishes, and a chic bathroom featuring a tub with a tiled surround. The open living space boasts white shaker cabinets, granite countertops, and stainless steel appliances. Outside, a 22' cantilevered patio, wired for a hot tub, awaits. With board and batten vinyl siding, James Hardie panels, and three off-street parking spaces, this corner lot gem offers rare affordability. Elevated 4' for optimal drainage, this home is a unique blend of style and functionality. Act now – seize the opportunity to call this your dream home!

Rendering below: 

Property Class Type: Class A Multifamily Ground Up Development, 3 Story Walk up Style with Surface parking

The Team: Pink Development and Construction has 10 years of market experience. 500+ closed brokered transactions of which the majority were for multifamily value add over the past 10 years. 50+ projects locally across all asset classes (Single Family, Multifamily, Hospital, Hotel, Industrial, University / School, etc). Pink Development and Construction is a vertically integrated ground up boutique development firm and self performs all design work, entitlements, permitting and permit holder / qualifier, construction management, lease up, and property management facilitation to a third party. Rob Ellis is the principal with 25,000 hours in the industry on a local, regional, and national level in agency, appraisal, construction and construction management, financial underwriting, sales and contract negotiation, and preconstruction.

The Market: Columbus, OH is experiencing unprecedented growth, surpassing every other U.S. city in the second half of 2023 with a remarkable 1.1% increase in population, according to a Bank of America Institute Ranking. The city stands out as an outlier in contrast to the declining populations observed in many Western and Northeastern counterparts like San Francisco, Los Angeles, New York, and Boston. The report underscores the influence of relative housing affordability, where cities with higher median mortgage payments see negative or weakly positive population growth. This growth trajectory aligns with the Mid-Ohio Regional Planning Commission's projection that central Ohio's population will exceed 3 million by 2050, fueled by strong economic development and substantial investments from companies like Intel and Honda. Columbus is now among the fastest-growing large metros in the country, with a manageable annual growth rate of 0.89%.

Property Structure: Individual or package of new construction infill triplex properties. Our 2 bedroom floorplan is as small and compact as you can design. The building is three, 2 bedroom and 1 bath units each of which are 650 sq ft approx. The majority of sites are urban infill lots purchased for $50,000. We obtain use variance to allow for the construction of a triplex which we have done 15+ times. Surface parking behind is efficient and cost effective. The building is all black, with modern upgrades. Because of the compact design, we are estimating rents 15% below average market rents of $1600 compared to $1800 and able to obtain a lease price per square foot of $2.46 which is approx 30-35% premium to single family, BTR, or hotel style multifamily. The typical piece of land is .07 acres and we are able to obtain density of 40-45 dwelling units per acre. This density combined with compact design drives a high equity product that also cash flows at the traditional "1%" rule. Permitting is very quick in Columbus, typically less than 60 days. Rezoning is also very quick, 60 days. We don't close on land unless we get the use variance to protect investment risk. The exit is a DSCR loan refinance upon full lease up within 7 months of debt. We are also open to co development, general partnerships, or limited partnerships. We have high equity here but the simplest way is through debt, depending on long term interest and if the fund or individual desires to hold the property long term.

The Financial Construction Numbers:

Land Cost Average: $50,000

Rezoning and permitting soft costs: $7,000

Hard cost without GC margin: $240,000

General Contractor Margin: $60,000

All in cost: $357,000

Appraised Value at Completion: $498,000 (based on suburban three story walk up comps, this is 15% below urban market comps but we are conservative. Income appraisal method and comparable sales appraisal method both support this valuation)

Rents At Lease up per month: $4,800

Equity at Completion: $141,000

The Ask: As you can see from the structure above, we would propose removing the general contractor fee of $60,000 to lower the basis of the project to $297,000. We would offer $60,000 interest per project which are typically 7 months start to finish. That is 20.2% on the project or 2.88% per month. Annualized IRR debt returns would be expected at 34.56%. Currently we develop these as a facilitator and make our general contractor fee only. We lose $120,000 in equity or more for each deal we do which we want to capture and hold these properties. Based on that, we are proposing a non-recourse option with debt as an instrument. We are open to the lender taking title in a single purpose entity. We are willing to sign performance contracts or bad boy carveouts to protect the investor but prefer non-recourse debt. We are also open to long term equity partnerships with a guarantee depending on the interest rate desired. The structure is very flexible here. A rendering of what we build is below.

Rob Ellis Builder, Developer, Realtor, Fund Manager and GP Syndicator email: [email protected] phone: +1 614 400 8762 company Pink Construction (Columbus, Ohio General Contractor G0902) website: www.pink-construction.com address 875 N High St #300 Columbus, OH 43215