🤖 Atlas Notes
Strong deal in a strong submarket — adjacent comps are 98–99% occupied. Need GC pricing confirmation before committing capital. Studio sizing at 500SF vs comp avg 643SF is the one risk to watch for lease-up. This is Andy's project — John's role is investor/reviewer.
📋 Craig's Action Items
No Craig actions — Dallas is Andy's project. John is investor/reviewer.
📍 Project Stage
📍 Due Diligence
→
Go / No-Go
→
Construction (16 mo)
→
Operations (Aug 2027)
→
Exit (~2031)
⚡ Action Items
🤖 March 30, 2026
🚨 Urgent — Due This Week
GC Pricing / Contract from Andy
| Action | Owner | Due | Status |
|---|---|---|---|
| Andy to send GC pricing / contract | Andy Heard | This week | 🔴 Needed |
| Andy to send land PSA (3111 Cole Ave) | Andy Heard | This week | 🔴 Needed |
| Andy to forward deal emails (Trilith/NorthMarq) | Andy Heard | This week | 🔴 Needed |
| Go / No-Go decision | John / Kent / Andy | After DD review | ⚪ Pending |
| Management company selection | Andy | TBD | ⚪ Pending |
💰 Costs & Expenses
🤖 March 30, 2026
| Category | Item | Budget | Actual | Variance |
|---|---|---|---|---|
| Land | 3111 Cole Ave Purchase | $4,625,000 | $0 | -$4,625,000 |
| Engineering | Architecture & Engineering | $760,000 | $0 | -$760,000 |
| Hard Costs | Construction (GC) | $11,820,000 | $0 | -$11,820,000 |
| Permits & Fees | Permits & Fees | $50,000 | $0 | -$50,000 |
| Legal | Legal | $15,000 | $0 | -$15,000 |
| Marketing | Marketing / FF&E / Signage | $17,441 | $0 | -$17,441 |
| Developer Fee | Developer Fee | $467,521 | $0 | -$467,521 |
| Financing | Financing & Closing Costs | $610,445 | $0 | -$610,445 |
| Reserves | Interest Reserve | $834,590 | $0 | -$834,590 |
| Reserves | Operating Reserve | $63,729 | $0 | -$63,729 |
| Contingency | Soft Cost Contingency | $401,482 | $0 | -$401,482 |
| Other | Taxes During Construction | $243,806 | $0 | -$243,806 |
| Other | Insurance | $50,000 | $0 | -$50,000 |
| TOTAL | $19,959,014 | $0 | -$19,959,014 | |
Budget utilization: 0.0% — Pre-construction
💡 Actuals updated manually. Edit via the Cost Tracker spreadsheet.
📁 Dallas Project Files
🤖 March 30, 2026
Pro Forma (Live)
JAK · Excel · OneDrive — financial model
🤖 Last updated by Atlas · March 30, 2026
📂 Open Document →
Deal Analysis
JAK · Excel · OneDrive — comp & submarket analysis
🤖 Last updated by Atlas · March 30, 2026
📂 Open Document →
Cost Tracker
JAK · Excel · OneDrive — budget & actuals
🤖 Last updated by Atlas · March 30, 2026
📂 Open Document →
📅 Project Timeline
🤖 March 30, 2026
This Week
GC Pricing / PSA Needed URGENT
Andy to provide current GC bids, land PSA, and deal emails before go/no-go decision.
TBD
Go / No-Go Decision UPCOMING
After DD materials received and reviewed by John, Kent, and Andy.
TBD
Construction Lender Term Sheet UPCOMING
NorthMarq (James Currell) arranging debt. 65% LTC target.
TBD
JV / LP Equity Raise UPCOMING
Equity raise of $6.99M from LP investors.
~Q2 2026
Construction Start UPCOMING
Pending financing close. 16-month construction timeline.
~August 2027
Building Operational UPCOMING
Lease-up begins. Uptown Dallas, adjacent comps 98–99% occupied.
~2028
Stabilization UPCOMING
Full occupancy, 5% stabilized vacancy.
~2031
Projected Exit UPCOMING
Sale at ~5.0% cap rate. Projected exit value ~$31.4M. Broker IRR 29%.
Past Events
March 30, 2026
Pro Forma + Deal Analysis Built DONE
7-tab pro forma and 5-tab analysis completed by Atlas. YOC 6.66%/7.17%, broker IRR 29%, exit value $31.4M.
March 30, 2026
Deal Package Received from Andy DONE
Broker construction model + loan request package forwarded from andyheardatx@gmail.com.
March 11, 2026
Broker Model Updated DONE
James Currell (NorthMarq) sent updated model. PSA executed and sent to seller per Ryan Holcomb.
December 2025
PSA Executed DONE
Ryan Holcomb (Trilith Capital) confirmed PSA sent to seller.
2025
Deal Identified DONE
3111 Cole Ave, Uptown Dallas. 35-unit ground-up luxury MF. Trilith Capital Partners — Andy Heard, Todd Madden, Ryan Holcomb. NorthMarq (James Currell) as debt/equity broker.
💰 Deal Economics — GP/LP or JV
🤖 Pending info needed
📋 Action Item: Provide Deal Economics Info to Build This Section
Atlas needs the following to build the full GP/LP waterfall analysis for this project:
- Full deal package from Andy
- Capital stack and equity structure
- GC pricing for construction
- Projected unit rents and NOI
- Exit cap rate assumption
- LP/GP structure if equity raise
📱 Trigger: Send Atlas the info via Telegram and I'll build the full analysis immediately.
👥 Key Contacts
Ryan Holcomb
Trilith Capital Partners
PSA execution, deal structuring