ATCAP Partners assembled Atlas Rittiman & Greens through two separate transactions in San Antonio and Houston in 2019. The San Antonio asset was a stabilized legacy portfolio previously held within a separate ATCAP venture, while the Houston acquisition presented a value-add opportunity. ATCAP executed upon the value-add strategy by re-tenanting numerous spaces to enhance portfolio credit quality, improving the assets through a programmatic capex plan, and converting existing modified gross leases to NNN structures at market rates upon renewal. After a five-year hold, ATCAP determined the best approach to maximizing sale proceeds required selling each project in a standalone transaction. To further maximize sale proceeds on the Houston disposition, ATCAP carved out a vacant single-tenant building and sold it separately to an owner-user. ATCAP successfully sold the portfolio in three separate transactions, generating an 18.5% internal rate of return and 2.31x equity multiple.
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