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To: BetThe4Horse who wrote (29068)9/30/2014 8:36:54 AM
From: diddlysquatz2 Recommendations

Recommended By
scouser
Topdog

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Working with ProPark they have access to hundreds of properties. They are aware of many that come for sale even before they are listed. ProPark manages about 450 lots across North America and can select those that they believe have the best upside either through distressed pricing or potential improvement in net operating income. Very few people know the business better then ProPark. One of the substantial opportunities is to modernize parking facilities by adding the latest technologies which can help increase revenues, cut costs and provide detailed analytics. Even adding relationships like they have with Silver Car helps to increase their NOI and therefore increase the value of a purchased asset. Their Canopy asset in Denver is a prime example of what can be done with the use of the latest in parking technology. The head management team at ProPark have personal interests in seeing this succeed. They are greatly incentivized to bring only the best deals available to the funding platform.

Buying an asset like Expresso with a trailing 8.9% cap rate is a great example of what they can do. I've seen the asset and it was explained to me what they expect to be able to do to increase NOI. I wouldn't be surprised to see an immediate 5-10% increase in NOI which would equate to a similar increase in overall valuation or about $900,000 - $1.9 million immediate capital appreciation.
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