January 28, 2022
OCEANSIDE — A downtown eight-story building with 115 studio apartments topped by 64 hotel rooms received the go-ahead this week from the Oceanside City Council,
With over 15 years of experience, The Prime Company operates with an efficiency few others can match. We’ve built mid-rise, multifamily housing from coast to coast and are ready to take on your next urban infill development project.
The Value of Vertical Integration
Our in-house team handles every stage of development: purchase, entitlement, design, construction, lease-up, and long-term management. We leverage this expertise to deliver higher quality projects faster and more efficiently.
Creative Design Solutions
We take time to evaluate each project uniquely, developing solutions that others might overlook. “Cookie Cutter” is never a description of what we do.
Efficient Entitlement
We’ve achieved project approvals and navigated the entitlement and construction processes in some of the most challenging locations in the country.
Beautiful, Fully Leased Properties
We know how to deliver strong rent growth even in weak markets, while creating desirable living spaces that our residents love to call home.
A Culture of Giving
As giving-focused developers, we’re driven by something bigger than our own success. Our goal is to give 90% of our profits away for the sake of the Gospel by 2040.
Los Angeles, CA
Beds
129
Land Acquisition
$5.7 M
Entitled Land Appraisal
$20.6M
Completed Valuation
$59.2M
Potential Profit
$17.2M
The Prime Company assembled six infill development lots two blocks from the University of Southern California, a market with a high barrier to entry. The site (30,150 sf) was purchased for $5.7 million. We successfully navigated Los Angeles’s challenging planning and permitting processes and entitled a 129-unit multifamily development.
Upon approval, a pre-construction appraisal was completed and the land, with entitlements, was valued at $20.6 million (a 261% increase) with a profit potential of $15 million. Construction costs are estimated at $42 million and the stabilized valuation of the completed complex is appraised at $59.2 million.
The Prime Company acquired an existing 20-unit complex one block north of The Ohio State University. Our in-house architecture firm, Prime Design, conceived a creative solution that increased the unit density 12x, and the property was entitled as a 258-micro-unit complex. The average market rent near campus was $2/sf, but we achieved rents of $4.50/sf as a result of The Urban’s efficient, micro-unit design.
Prime Place marketed and leased this unique floorplan to 100% occupancy before construction was complete. Residents loved the resort-style amenities: an outdoor kitchen, roof deck, gym, and heated spa.
Prime Built globally sourced high-quality building materials for significant cost savings. These impressive efficiencies led to an appraisal of $32.3 million, with a total project cost of $22.4 million. This development increased the property’s value tenfold.
Columbus, OH
Beds
258
Building Area
120K SF
Development Cost
$22.4M
Valuation
$32.3M
Potential Profit
$9.9M
For more information about our development services,
call Chris Elsey at 785.317.5265 or Bryan Elsey at 785.317.9352.
The Prime Company assembled six infill devel- opment lots two blocks from the University of Southern California. The USC market has a very high barrier to entry. The site (30,150 sf) was purchased for $5.7 million and then we successfully entitled a 129 unit infill multifamily development through the notoriously challeng- ing planning and permitting processes of Los Angeles.
Upon approval, a pre-construction appraisal was completed and the land with entitlements was valued at $20.6 million. That is a 261% increase in the value of the land with a profit potential of $15 million. With an estimated construction cost of $42 million the stabilized valuation of the completed complex appraised at $59.2 million.
The Prime Company acquired an existing 20 unit complex one block north of The Ohio State University. We were able to entitle the property as a 258 micro-unit complex, thus increasing the unit density 12x. The market rent near campus was $2/SF. The Urban’s uniquly effecient design created rents of $4.50/SF.
The micro-units provide the residents excep- tional value with rents 25% below one bed- room apts in the market. These impressive efficiencies led to an appraisal of $32.3 million with a total project cost of $22.4 million. The property’s current value is 10x its original value. This impressive increase in value was created through Prime Design’s micro-unit concept, Prime Built’s efficient construction processes, and Prime Place’s ability to market and lease a unique floor- plan to 100%.
Vertical integration creates great value.
Two minutes older than his brother, Bryan, Chris often wakes up at 3 a.m. in anticipation of finding the next deal. He aspires to develop real estate as fast as the LEGO® sets of his youth. Chris is married to fashionista Sarah, and they have three kids: Lily, Lacey, and BJ. His goal is laboring to make Jesus's name GREAT.
Enneagram 8Chris Elsey
Principal
Bryan co-founded the company in college in 2005 with his “wombmate,” Chris. He lives in the Little Apple (Manhattan, KS) with his wife Holly and their three children: George, Alice, and Emily. Bryan enjoys family time, serving at Grace Baptist Church, and exploring the world.
Enneagram 8Bryan Elsey
Principal
OCEANSIDE — A downtown eight-story building with 115 studio apartments topped by 64 hotel rooms received the go-ahead this week from the Oceanside City Council,
DENVER CO – “Each one must give as he has decided on his heart, not reluctantly or under compulsion, for God loves a cheerful giver.”
