Investments / Developments
714 Moreland - Atlanta
714 Moreland is a commercial building built in 1965 and in need of some TLC. Clark Property R+D purchased the property in late 2018 to renovate it in a thoughtful way for the community. The existing laundromat and hair salon tenants were retained and a new coworking space and lunch spot will be added in a fully renovated building.
The property is located directly next door to Hodgepodge Coffeehouse in the thriving East Atlanta/Ormewood Park area. Construction is expected to begin in Spring 2019 and be complete in Summer 2019. Clark Property R+D sourced and planned the original concept for the project and formed a joint venture for implementation.
350 Memorial - Atlanta
Originally built as an automotive service station in 1948, 350 Memorial was operated as Harp Transmission Service for the past 44 years until the owner retired in 2016. Clark Property R+D sourced and planned the original concept for the project and formed a joint venture for implementation.
The intent is to become a "park-integrated development," a community destination that activates the adjacent greenspace. The property sits within the Memorial Drive Greenway, a stalled urban park in need of attention. Located adjacent to Oakland Cemetery, surrounding retail and MARTA, and walkable to the Georgia Capitol, Grant Park, Sweet Auburn, Zoo Atlanta, BeltLine, and Streetcar.
1188 McLendon - Atlanta
Located directly at the intersection of Moreland and McLendon in Little Five Points in Atlanta, 1188 McLendon is a single story, 3,312 square-foot historic building that was preserved and adaptively reused as boutique office and retail space. Clark Property R+D sourced and planned the original concept for the project and formed a joint venture for implementation.
Originally built as a post office in 1925, 1188 McLendon was used as a furniture repair shop for 30 years and then sat vacant for 3 years. The building was completely renovated during the summer of 2016 and opened in the fall.
Delowe Village - Atlanta
Located in East Point, Delowe Village is a 64-unit affordable housing garden apartment community built in 1962. The property fell into disrepair and negative cash flow before being sold to the Atlanta Neighborhood Development Partnership to reposition utilizing HOME funds from HUD administered by the Fulton County Office of Housing and Community Development. Clark Property Consulting was engaged by the Atlanta Neighborhood Development Partnership to manage the bidding process to select a contractor and property management firm, construction administration of the renovation and asset management along with regulatory compliance.
Henderson Place - Atlanta
Located in the Martin Luther King, Jr. National Historic District in Atlanta, Henderson Place is a 58-unit LIHTC affordable housing development built in 1950. By the early 2000's the property began to fall into disrepair and occupancy dropped to 60% due to capital constraints to turn new units for occupancy. Clark Property Consulting led the turnaround of the property for the Historic District Development Corporation to increase occupancy to 100% and secure funding for capital improvements, including a computer room with free internet for tenants and a community garden, while still maintaining affordability. The property was presented with an award by Enterprise Community Partners for the turnaround effort.
Ethel Mae Mathews Place - Atlanta
Located in the Peoplestown neighborhood of Atlanta, Ethel Mae Mathews Place was an affordable housing redevelopment of 10 units utilizing HOME funds from HUD through the City of Atlanta Office of Housing. Clark Property Consulting managed the redevelopment and stabilization lease-up to 100% occupancy in collaboration with the Peoplestown Revitalization Corporation and Resources for Residents and Communities.
Pittsburgh Scattered Site Development - Atlanta
The Pittsburgh neighborhood of Atlanta experienced the highest rate of foreclosures from the Great Recession, with as much as 60% of the neighborhood undergoing foreclosure due to mortgage fraud and subprime lending. The Annie E. Casey Foundation purchased 53 vacant homes and engaged Clark Property Consulting to manage their redevelopment as mixed-income housing. As of 2018, Clark Property Consulting has managed the redevelopment of 30 homes with multiple public, private and nonprofit partners utilizing a diverse set of funding sources, including Housing Opportunity Bonds, New Market Tax Credits, EQ2, FHA 203k, Foundation grant funds, and conventional financing.
The projects below are experience prior to Clark Property R+D
Aloft Hotel - Houston
$26 million development of a 152-room Starwood Aloft hotel in an urban infill location. The development required the demolition of a two-story parking garage to allow for the construction of the hotel. Responsible for managing the budgeting, design, financing, construction, hotel franchisor relations, management, and investor reporting for the project.
5433 Westheimer - Houston
$10 million, 155,000 square foot office building. Building required renovation of exterior and interior to elevate the building from “Class C” to “Class B” while increasing occupancy and efficiency.
Responsible for the asset management of the project, directing the renovation, leasing, and refinancing. Project required substantial capital improvement plan to improve property condition. Managed the due diligence and loan administration of the property’s refinancing to include funds for capital expenditures, tenant improvements, and additional interest reserve.
1501 Yamato - Boca Raton
$47 million, 380,000 square foot office park acquisition overlooking the Broken Sound Country Club golf course. The purchase was a sale-leaseback transaction from Washington Mutual in December 2006. Investment strategy called for the aggressive leasing of this asset in a market with high barriers to entry and constrained supply of developable land.
Responsible for the underwriting, due diligence, contract negotiation, and financing of the property acquisition. Created a new operating procedure for the firm’s acquisitions by incorporating detailed market analysis and implementing the industry’s standard commercial real estate valuation software, ARGUS, for the underwriting of this project. ARGUS allowed the firm to more accurately estimate the value of the project and is now used for all acquisitions.
Energy Plaza - Lafayette
$6 million, 80,000 square foot office building purchased from Beal Bank with occupancy of 33% at the time of acquisition. Building required renovation of exterior and interior. Occupancy was raised to 90% and property was refinanced with competitive, assumable debt, and the asset was sold in June 2007.
Responsible for managing the renovation, leasing, refinancing, and sale of the project. By successfully preparing the property for disposition, we were able to obtain an offer $700,000 higher than our partner was prepared to accept from another bidder. As a result of the proactive management efforts and successful investment outcome, I was able to negotiate an additional $50,000 management incentive fee for the firm.
Lake Ridge Technology Center - Atlanta
$28 million, 188,000-square-foot office and industrial park purchased at 30% occupied in May 2006. Since acquisition, an aggressive leasing and capital improvement plan was executed to increase the property’s occupancy to 90%.
Responsible for the asset management of the project, directing the capital improvements, marketing strategy and lease negotiations of over 50,000 square feet of new leases with Fortune 500 tenants. Prepared annual budgets for the operations of the property and managed reporting to joint venture partners.
Eagles Landing Office Park - Atlanta
$15 million, 50,000 square foot office park development located on the last remaining parcel overlooking Eagles Landing golf course in Henry County, GA. Responsible for directing the budgeting, design, construction, marketing, and management of the project. Delivered the project 13% under budget and one month ahead of schedule.