Case Studies : San Diego Courtyard San Diego, CA

Amstar executed an adaptive re-use strategy to create a unique-hotel development.
The property was an old bank building, circa 1927, with just nine tenants occupying 5 percent of the space - a clear case of under-utilization. Sage Hospitality Resources and Amstar saw potential on the investment. Amstar funded the up-front equity, guaranteed the debt, kept the design and construction partners on track and on task and negotiated a highly advantageous tax credit. In short order, Amstar and Sage created a stunning hotel with 227 rooms, 17 suites and a signature penthouse.
The project rapidly became one of several catalysts in the area for the economic revitalization of downtown San Diego's Gaslight district. Plaudits from local design professionals and the state came quickly, along with a listing in the National Register of Historic Places. The project reached stable occupancy within six months of opening.

Case Studies : 1One East Pratt Street Baltimore, MD

 Assessing and accounting for the range of possible outcomes is a crucial part of Amstar's underwriting process.
This investment represented a unique opportunity to purchase a fully-occupied "B" office building in an A+ location through an off-market transaction motivated by estate planning needs. Located within the inner Harbour of Baltimore's CBD, the asset had tremendous re-development potential as a premier office location. The Property was also encumbered by a challenging tenant purchase option at a fixed price. Amstar purchased the asset at $68 psf, representing an 80% discount to replacement cost and reflective of the potential impact of the tenant purchase option.
When the tenant exercised its purchase option for the property to the surprise of the market, Amstar had to put its re-development plans on hold while executing on a business plan that had been contemplated at acquisition.

Case Studies : Independence Plaza Denver, CO

Amstar acquired this asset during 1993 at an attractive basis owing to a soft market and a capital constrained seller that was unable to complete significant deferred maintenance. After updating and repositioning this well-located office property, Amstar implemented an aggressive leasing strategy and filled much of the vacancy in a challenged market.
During 2004, Amstar sold to an institutional investor a promoted 84 percent interest in the asset and maintained full asset management responsibility. After increasing property occupancy to 98 percent, Amstar and its institutional partner took advantage of the demand for investment-quality assets in Denver and the willingness of investors to underwrite aggressive rental rate growth and sold the asset during 2007.

Case Studies : Esperson Houston, TX

Amstar acquired this fully renovated and 75 percent leased asset at a time when many investors continued to view Houston as an over-supplied office market. With “hands-on” local management, Amstar conceived of and executed on a business plan tailored to delivering superior management services to retain and grow the existing tenant base. Additionally, we instituted a spec suite build-out program to enable faster absorption and respond to the abbreviated leasing windows afforded tenants as the CBD market spiked.
Three years into our ownership, Amstar and its client elected to sell the asset in response to an increased institutional investor interest in Houston office investments.

Case Studies : 3000 Sage Road Houston, TX

Market research, attention to detail and a well-chosen team earned awards for this multifamily development.
Houston's Galleria sub-market was about to boom. The mall was about to expand by 700,000 square feet and add two strong new anchors. Also under construction was 23 million square feet of office space. Amstar approached The Morgan Group, a Houston-based developer with extensive local experience and a strong track record.
Launching a joint venture, Amstar acquired a land parcel within walking distance of the mall and set out to create a centerpiece project: a community boasting an e-lounge, a conference center, world-class fitness facilities, spa and massage rooms and two pools, one of them a cardio pool. Individual apartments featured computer desks and studies, island kitchens and full-size washers and dryers.
Within one year, the project had commitments for 92 percent of the 324 units, along with nominations for a slew of industry awards. Demand was so high, marketing proved unnecessary, and Amstar and Morgan negotiated and closed the recapitalization with unsolicited investors.

Case Studies : 1425 New York Ave Washington, D.C.

Fast, decisive action and leveraging of local relationships allowed us to retain a vital tenant and upgrade this prime office property.

It was a property with great potential given its enviable address just two blocks from the White House. The challenge: a major tenant with near-term lease expiration. Thanks to strong relationships with local brokers, Amstar convinced the key tenant that we would manage and finance an extensive capital improvement program.

Four years later it was a showcase, Class-A, fully leased building. Among the tenants was the Department of Justice, whose new $100 million lease was among the largest transactions in the District that year.