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

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 – We acquired an overlooked BNB site others passed on due to its size and shape. We reimagined it into a boutique 75-unit condo project that maximized every inch of the infill lot. The project was 100% pre-leased before completion and delivered strong investor returns. We refinanced to cap rate value pre-completion with non-recourse debt via Trinity Finance (Austin). Lesson: Constraints aren’t roadblocks—they’re design opportunities with the right vision.

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.