The case of Millegan Creek Apartments revels how the process of acquiring a Real Estate and develop it takes place. In this case JPI Inc. is the developer and work with Fleet Banks, the lender to developpe the Milligan Creek Apartments project. This paper presents the result of our analysis which we present in two points. In the first point, we present the background of the case and in the second point we present our analysis.
Background of the case
JPI Inc want to build the Milligan Creek Apartment, so he acquired a land with 21.4497 acres located in Willamson county, Austin, Texas. To develop this land, JPI Inc need a loan of $15,715,000 from Fleet Banks. That loan should allow JPI Inc to build a residential luxury apartment in two and 3 stories. The land will be divided by fifty-foot utility easement and there will be some asphalt for traffic circulation. Utilities are available in the site, electric gas, water, sewer, telephone and cable), that make the location to be appropriate for the project.
With 390 units, style garden apartment the density will be 18.4 units per acre. There will be a luxury amenity, which includes 2 swimming pools, a clubhouse, fitness center with sauna and steam, and laundry …show more content…
With a population growth and growth rate of employment, there is a strong competition in this market. Some important competitors are Hard Rock Canyon, which has 246 units and reported 96% rate of occupancy. Hard Rock Canyon has a clubhouse, swimming and volleyball pools, controlled access gates, exercises room, enclosed garages and covered parking. Monte Vista Apartments is another competitor with 348 units and 94% occupancy rate. It has 2 swimming pools w/jacuzzi, exercise room, clubhouse with business equipment, volleyball court, enclosed garages and open carports and laundry facilities. Other competitors are La mirage and Martha’s Vineyard which have luxury apartment and luxury
Background of the case
JPI Inc want to build the Milligan Creek Apartment, so he acquired a land with 21.4497 acres located in Willamson county, Austin, Texas. To develop this land, JPI Inc need a loan of $15,715,000 from Fleet Banks. That loan should allow JPI Inc to build a residential luxury apartment in two and 3 stories. The land will be divided by fifty-foot utility easement and there will be some asphalt for traffic circulation. Utilities are available in the site, electric gas, water, sewer, telephone and cable), that make the location to be appropriate for the project.
With 390 units, style garden apartment the density will be 18.4 units per acre. There will be a luxury amenity, which includes 2 swimming pools, a clubhouse, fitness center with sauna and steam, and laundry …show more content…
With a population growth and growth rate of employment, there is a strong competition in this market. Some important competitors are Hard Rock Canyon, which has 246 units and reported 96% rate of occupancy. Hard Rock Canyon has a clubhouse, swimming and volleyball pools, controlled access gates, exercises room, enclosed garages and covered parking. Monte Vista Apartments is another competitor with 348 units and 94% occupancy rate. It has 2 swimming pools w/jacuzzi, exercise room, clubhouse with business equipment, volleyball court, enclosed garages and open carports and laundry facilities. Other competitors are La mirage and Martha’s Vineyard which have luxury apartment and luxury