Houston's Full-Service
Real Estate Investment Firm
Invest in yourself. Invest with us.
WHO WE ARE
Commercial Turnkey is one of Houston’s premier real estate investment firms. With a focus on multi-family sector, Commercial Turnkey offers targeted acquisition, repositioning, and superior management. We are experts who create value by transforming distressed properties into income-producing investment opportunities.
Since launching, Commercial Turnkey has partnered with Legacy Wealth Holdings, who has acquired, renovated, managed, and hold more than 3,200 apartment units, valued over $250,000,000.00 With each new opportunity, Commercial Turnkey aims to capitalize on current and emerging market conditions, identifying and investing in value-add multi-family properties in great areas. By following this approach, our expert team is able to ensure added value. Not only are we choosing sought-after and up-and-coming markets, but we’re investing the time and talent in physical and management upgrades that attract high-quality long term tenants paying market rate rents.
Our hands-on approach, expertise, and combined years of industry experience is just the beginning. Commercial Turnkey has built an unwavering reputation anchored in service, social responsibility, integrity, and a community-first approach to real estate investing. By leveraging our unparalleled market know-how, strategic acquisition processes, and strong property management, we’re able to build rock-solid portfolios that consistently drive high-yield residual cash flow and long-term capital appreciation.
Commercial TurnKey has partnered with Legacy Wealth Holdings, who has acquired, renovated, manage, and hold more than 3,200 apartment units valued at over $250,000,000. Our in-house executive teams oversee all asset and project management, ensuring a consistent, value-oriented approach to drive success.
Commercial TurnKey seeks to develop investment partnerships anchored and trust, transparency, and a clear-cut alignment of interests. It’s a simple framework that encompasses every conversation, every communication, and every
investment opportunity.
By bringing together extensive market
research and proprietary data, Commercial
Turnkey is best positioned to analyze market cycles and anticipate trends in any market. We follow a thorough and data-driven approach for each investment, and always aim to deliver low-risk, high-return opportunities.
We acquire most of our deals off-market, typically direct to seller, which provides an added layer of value to our
investors and partners. We implemented targeted direct marketing aimed at building owners and property managers, while continuing to work with teams of brokers, lenders, local professionals, and other key industry contacts to identify these properties before they hit the market.
MEET OUR EXECUTIVE TEAM
Nick Miller
Nick Miller is the founder of Commercial Turnkey in Houston, TX. Using his background in commercial property representation and value-add real estate acquisition, Nick started Commercial Turnkey to acquire distressed assets from banks and private sellers at discounted prices after they have exhausted all other options. He in turn improves and holds, and offers these assets for sale to investors at very attractive wholesale prices. Our clients depend on us to provide them with properties that offer value and steady returns. This business model facilitates tremendous earning and saving opportunities for the investor at the point of resale.
Randal Miller
Randal Miller is a finance and management expert with more than 30 years of experience in investment banking, financial analysis and business development. He has extensive knowledge and experience in both public and private equity markets . In 1989 Mr. Miller co-founded a SEC registered broker dealer specializing in private equity funding and NASDAQ market making and served as its financial and operations principal for 20 years. Since 2009 Mr. Miller has been president of New Summit Advisors, a consulting company that provides strategic planning, business development, and financial management advice to business owners and executives.
Tim Bratz
Tim Bratz is president of Legacy Wealth Holdings, headquartered in Cleveland, OH. CLE Turnkey Real Estate buys, improves, and holds apartment buildings throughout Ohio, South Carolina, Georgia, Florida, Oklahoma & Texas. Tim has extensive experience with single-family retail flips, turnkey investments, private lending, vacation rentals, and commercial real estate syndication. In 2009, Tim purchased his first investment property on his credit card at the age of 23. Today, Tim’s portfolio consists of over 3,200+ rental units, with a portfolio valued of +$250,000,000.
Daniel Trujillo
Mr. Trujillo is a US Marine and Veteran with 5 years of honorable active duty service. Mr. Trujillo is an expert in organization and leadership with a background in project management. His real estate experience includes over 15 years of value-add multi-family, single family acquisition, disposition, raw land investment, residential building, development, rental property ownership and rental property management.
INVESTMENT STRATEGY
Once acquired, commercial TurnKey focuses on renovating and stabilizing investment properties – the majority of our investments require significant repairs post-close. By drilling down on these often-distressed properties, we are able to acquire high-value, high-demand properties in prime locations which, post-rehab, command significant rental income month after month, year after year.
Target properties include “distressed properties” or properties requiring cosmetic and/or substantial rehab work; from these updates, Commercial Turnkey can create appreciation by putting in the sweat equity, instead of speculating and hoping for appreciation. We also focus on under-performing properties with market- and/or management-related challenges, as well as off-market opportunities and direct to seller opportunities that can be negotiated directly with owner(s).
To that end, our strategy typically centers on secondary and tertiary markets with sizable populations, and steady economic growth. We anticipate these areas to increase in growth, opportunities and rental needs overtime, making them ideal markets for pursuing multi-family investments. As interest rates and housing prices continue to climb, this will enable our investments to remain competitive with high return potential.
ACQUISITION CRITERIA
- Asset Type: Multi-family properties (apartments)
- Transaction Size: $2 Million to $50 Million. Minimum 25+ units
- Age: 1980's and newer preferred, but will consider all age properties
- Target Markets: Nationwide strong growth markets and areas in the path of progress (midwest, southwest, southeast, other nationwide markets)
- Locations: A or B class trade areas with strong demographics and local economic anchor (hospital, big business, mall, industrial plant, etc.)
- Asset Quality: Class B to C properties. Value-add opportunities preferred. Underperforming properties with a strong potential for enhanced yields.
- Occupancy: Preferably 80% occupancy (will consider lower occupancy if property is well located and has value add upside)
- CAP Rate: Minimum 10% (after repairs or stabilized value)
- General Criteria: Potential high yield income streams. Cost basis at 30% below stabilized value.
- Target Return & Investment Period: 10%+ return on investment (based on stabilized financials). 7-10+ year hold period (medium to long-term)
PROJECT / TRANSACTIONAL LIFE CYCLE
With every investment, Commercial Turnkey leans on our comprehensive five-stage process, ensuring consistent returns and overarching risk mitigation from day one.
Once we’ve identified potential opportunities, our expert team filters based on key factors – including price, location and asset quality. This process ensures we only acquire investment properties that meet our goals and expectations, and that will pass the stringent underwriting process that follows.
The initial underwriting process kicks off a comprehensive due diligence schedule that taps into our extensive structuring expertise. From on-site inspections to a financial deep-dive to mitigating potential risks while maximizing rewards, we dig deep on each potential deal, with only the most qualified moving forward.
Commercial Turnkey focuses on renovating each investment property. To build value, our team is able to refresh or overhaul underperforming assets, which would drive up rents and increase interest. This immediately improves cash flow and long-term capital appreciation, while limiting ongoing maintenance expenses. This creates a more valuable asset for all parties.
Our partners and investors receive quarterly updates during the renovation process. Between these check-ins, our team is available via phone or email, as needed.
Once property is stabilized for 90 days, we refinance property with long-term financing at a fixed interest rate. At that time, we pay back the acquisition loan and equity investors in full. With long-term debt in place, investors maintain equity in perpetuity and receive quarterly cash flow distributions and property financial statements.
While choosing high-potential investment properties is essential, at the end of the day any asset can only perform as well as it is managed. At Commercial Turnkey, we’re invested in not just our properties but also in the systems, processes, and tools needed to manage a portfolio of income-producing assets across multiple markets.
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