Nessel Development began its involvement in the multi-family sector of real estate in 1997. ND's efforts have included all aspects of multi-family housing including new construction, major and minor property renovation, marketing, asset management, financing and day-to-day on-site responsibilities. We have had ownership in mobile home parks, retail and mixed-use properties, but our primary focus is apartments. Nessel's current portfolio is focused on North and Central Texas.
Nessel Development specializes in turning around distressed or under-performing apartment complexes. We accomplish this by purchasing these properties at discounted prices, renovating them to attract the highest socioeconomic class possible for the project location, and improving operating efficiencies. Through creative acquisition and renovation techniques and engaged project management, ND obtains uncommon rates of return on investment.
ND has closed on every deal we have entered into contract to purchase (total acquisitions total in excess of 3,000 units). We don't throw spaghetti on the wall when scouting deals. We generally only make offers after we have already done considerable due diligence on the asset (or feel very comfortable with the offer price). As a result, local brokers contact us about off-market deals that other buyers do not have access to in the DFW.
Nessel is always trying to get an "A" quality product for a "B" price. In order to accomplish this, we have to be creative in sourcing our materials. We order directly from Asia our flooring, granite, sinks, plumbing fixtures, light fixtures, door hardware bath hardware, blinds, mirror frames and more. As a result, we obtain prices 25%-75% lower than if those items were purchased locally. We also are able to negotiate favorable pricing from large suppliers such as Lowes and HD Supply on misc materials and appliances as a large contractor and purchaser.