Cold calling the path of growth.
Estates of Liberty Hill
The Catalyst
We are focused on growth and how we can contribute meaningfully to it. Cognizant of unique market dynamics, you’ll hear us talk about the real estate growth of one Texas market corresponding to the growth of another.
When searching for Estates of Liberty Hill, we didn’t necessarily have a particular product type in mind. We were looking for opportunities in the path of growth of Austin that would follow the growth trend of North Dallas.
At the intersection of Central Expressway and Spring Creek Parkway in Plano, Texas sits a manufactured home community that we’ve driven by thousands of times. Over the years Plano, Texas has expanded up to and around this community, and the community continues to provide a much-needed affordable housing option to its residents.
With Estates of Liberty Hill, we observed an opportunity where a local presence and sincere ownership could positively impact a community, and be a sound investment.
The Process
As we typically do when entering a new market, we got to know it personally and by doing extensive, tract by tract research. We spoke to every listing broker with a sign in the area, every property owner that would call us back.
The owner of Horseshoe Village (we re-branded the property upon closing), didn’t call us back the first time, or the second. After about 6 months of hearing from us, getting to know our advisors, and seeing our persistence, they knew we were focused.
We handled due diligence in-house and efficiently. At a time when manufactured housing wasn’t as in-favor as it is now, we closed per contract.
At the time of closing, Estates of Liberty Hill was 75% occupied. We immediately improved on-site management and set the example for our residents. We implemented property improvements and regulations that were welcomed by the long-term residents of the community. We held in-person community meetings and became aware of the priorities of the resident families. Our on-site manager provided a consistent leadership and communication.
Lot vacancies were filled via a in-person, collaborative marketing effort between manufactured home dealerships and Estates of Liberty Hill.
We began discussions with the City about the opportunity to expand the growth path of the City via utility extensions through the property. We also highlighted the importance of affordable housing in an area seeing escalating home prices.
The discussion laid the ground work for the current phase of the community - a significant expansion that is extending the City’s limits and utility capacity through and beyond this property.
The Result
Estates of Liberty Hill's occupancy improved from 75% to 96% in 12 months.
Our experience at Estates of Liberty Hill contributed to our on-going strategy of Holmes 29 and our development of Platform 45 (2301 Double Creek).
