Our Case Studies
Deep Run III
Located in Henrico County, Va. Deep Run 3 is a five story 355,449 square foot, class A office building. When Mr. Gurley assumed responsibility for this asset it had been vacant for more the than 3 years and the existing joint venture, which had acquired the property from a special servicer, was at an impasse. Mr. Gurley successfully negotiated the buy-out of the partner and then developed and implemented a nearly $20 million repositioning strategy aimed at attracting the types of users that would be attracted to the building large (65,000 square feet) floorplates.
Over the ensuing 36 months Mr. Gurley oversaw all aspects of the project, the scope of which included the construction of an 800 space parking garage, the renovation of virtually all of the building systems from elevators to HVAC, the creation of amenities including a fitness center, meeting rooms and a cafeteria as well as the full renovation of the restrooms, lobbies and common areas. The success of these efforts resulted in the leasing of over 330,000 square feet in under two years to tenants such as Travelers, McKesson and the headquarters of a large regional bank. When the building sold it achieved one of the highest per square foot prices on record in the Richmond suburban market and generated a nearly 1.7 multiple on the equity invested.
Green Gate
Located in the Short Pump submarket of Richmond Va., GreenGate is a 75-acre master-planned mixed-use development with 190,000 square feet of retail and office space and a traditional residential neighborhood consisting of 228 upscale attached and detached single family homes. Mr. Gurley was directly responsible for the design, approval, construction and leasing of every aspect of the commercial components of this nearly $100 million award winning development.
GreenGate, a walkable urban community with thoughtful architecture providing each commercial building with unique design and detailing, is a true destination which replicates the character and lifestyle of Richmond’s traditional neighborhoods. Anchored by a Lidl grocery store and boasting the best restaurants, service providers and retailers in the region, the success of GreenGate’s commercial district helped propel the success of the residential component of the development which boasts some of the highest home prices in the market.
Alexan Village Plaza / Berkshire Chapel Hill
Located in Chapel Hill, North Carolina, Berkshire Chapel Hill is comprised of 265 apartment units in a four-story building, 15,000 square feet of ground-floor retail and a 430-space attached parking deck. The property, originally known as Alexan Village Plaza, was developed by a joint venture between East-West Partners, Trammell Crow Residential, and Markel Eagle Partners. Mr. Gurley was responsible for sourcing the opportunity, the negotiation, and structuring of the joint venture and the oversight of the investment.
The initial investment began with the purchase of a vacant parcel, adjacent to Whole Foods, which was zoned for strictly retail uses. Working with the Partners to rezone the site resulted in an immediate increase in value which was further realized through the development of the final project. The property was sold upon receipt of the final Certificate of Occupancy in a transaction that generated an after-fee return representing a 2.0 multiple on the equity invested.
Virginia Tax Credit Apartment Portfolio
Mr. Gurley was responsible for the repositioning and ultimate sale of this portfolio which consisted of five separate properties totaling nearly 1,000 units. Upon assuming responsibility for all aspects of this portfolio, Mr. Gurley developed a fluent understanding of five separate partnership agreements each with differing structures, tax credit investors, operating profiles, and income restrictions. Working closely with the third-party manager, Mr. Gurley introduced cost controls and streamlined on-going capital projects to position the portfolio for sale.
Completing the sale ultimately required the bifurcation and collateralization of recapture risk to gain the approval of the owners of the outstanding tax credits. These efforts culminated in the disposition of the portfolio at a price in excess of $70,000 per unit (a high-water mark for this type of product in these locations) allowing for the repayment of deferred development fees and generating nearly $20 million in net proceeds.
