| |
In 1997 after selling Day Dream Publishing, Chip, Chris and Joellyn formed a new business, Chelsea Residential and began building a multifamily portfolio in Austin, Texas and throughout Florida.
Chris focused primarily on the acquisition side of the business, Joellyn handled the design and renovations while Chip worked on getting deals financed and established strong relationships with lenders and brokers. They created a formula of acquiring older communities in strong locations, renovating the common areas and apartment units, and leasing apartments faster and at higher rents than comparables in the marketplace. Over the next few years, the portfolio grew to more than 4,000 units and was sold in 2005.
|
|
|
Capitalizing on the Chelsea Residential experience of renovating properties and recognizing the exploding condominium market, in 2003 the Conks started Montecito Property Company® (MPC). At this point, they brought in additional partners with expertise in multifamily operations, finance and brokerage/acquisitions. MPC began buying apartment communities from coast to coast, renovating them and converting them to sell as condominiums.
As part of the need to quickly and successfully raise the equity needed for multiple property purchases, MPC built a network of accredited investors who contributed to the equity raise on each property. These investors were crucial to the success of the conversions and have remained loyal in other Montecito ventures.
Utilizing the successful experience of “just in time” product delivery from Day Dream Publishing, MPC developed systems and processes that allowed them to close on a property, obtain the complicated legal entitlements to convert, and reposition and market the property faster than any other condominium converter. In fact, their continued success earned them the record for selling $90 Million dollars in condominiums in 90 minutes.
|
 |
MPC was recognized as the second largest seller of condo’s in the nation in 2005 and 2006. |
| With the slowing of residential real estate, the partners of MPC began to diversify into medical real estate, but still own and manage apartment/condo’s in AZ, NC, and FL and maintains a strong network of professionals who continue to pursue apartment and development opportunities nationwide. Visit us at www.montecitopropertycompany.com to learn more. |
|
MMIC is one of the largest privately held companies specializing in acquiring and developing hospitals, medical office buildings, skilled nursing facilities, long term acute care and surgery centers.
Devoted to offering their investors diverse real estate options, in December, 2005 Chip and his partners founded Montecito Medical Investment Company (MMIC).
As CEO of MMIC, Chip played a dynamic and central role in the company’s tremendous success and expansion. In 2006, MMIC was named the second fastest growing medical related real estate company in the country. Montecito Medical acquired a portfolio of more than $600 Million in medical-related real estate, representing 1.8 million square feet in 14 states.
Montecito Medical gained a reputation for closing even the most complicated transactions and is structured to handle large portfolios or single asset acquisitions.
Visit us at www.montecitocorporation.com to learn more. |
|
 |
|
|
|
