Causey Village

Built: 2010 - 58 Units plus land for an additional 174 units

The Property:
Located in Happy Valley, Causey Village was originally designed as a 276-unit condominium project to be developed in multiple phases on a 9.54-acre site. The initial phase of the project was completed in 2007 and included 66 finished units in 11 buildings plus the club house. Of the 66 finished units, 44 were subsequently sold as condominiums with the remaining 22 units leased as apartments. 

The initial phase of construction also included partial completion of 36 units in six buildings, two building foundations, and platting, site work, streets, and infrastructure for the remaining 174 planned units in 27 additional planned buildings. 

Challenges:
The disposition of Causey Village was extremely unique. Not only did the sale include proportional condominium ownership among the apartments, there were partially completed buildings and additional land to be developed. 
Results:
HFO Investment Real Estate leveraged its national relationships with property funds and private equity investors to source an experienced developer. The buyer not only required condo conversion experience, but also needed development expertise in order to complete the unfinished units and build on the remaining land.