Today we’d like to introduce you to Jeffrey Levin.
Jeffrey, let’s start with your story. We’d love to hear how you got started and how the journey has been so far.
After three plus years of college with a graphic design major, I began my professional career working in a jewelry store at age 20 in Los Angeles. At age 21, I was approached to start my own jewelry store in Carmel California, Jewels by Jeffrey, as a 50 percent partner with my partner putting up most of the capital, he remained a silent partner.
Within 60 days, my banker offered to loan me the capital without collateral, to buy out my partner, I jumped at the opportunity, and now at 21 owned a lovely fine jewelry store. This was not as easy as this sounds, as during the four months prior to opening the store, I needed to find a great location for the store which I did, negotiate a long term lease, design the interior, including showcases, oversee all construction, and go on buying trips to New York and Los Angeles. 45 years later this seems exhausting, but I was only 21.
Within three years, Jewels by Jeffrey had grown to three stores, in Carmel, Palm Springs, and San Francisco, and I created two additional stores named the Chainery with a unique concept, located in Carmel and San Jose, with the largest selection of gold chains in Northern California. We had a digital gold scale, and all gold chains were priced and sold by the weight. I sold the Chainery company a couple of years later, and at age 29, I decided to end my career as a jewelry designer and retail store owner and sold my company Jewels by Jeffrey. The Buyers remained in business with the Jewels by Jeffrey Carmel location for another 30 years until finally closing down the company.
I began my next career two years later in Commercial Real Estate as a Commercial real estate broker at age 31 in the Silicon Valley area in 1985. New small companies were just getting started like Apple Computer, Cisco Systems, Sun, and many others. Commercial real estate was booming with companies growing so fast, that buildings were being leased, bought and sold before they could be built. With a very large influx of new employees, I represented Buyers and Sellers of large apartment communities, high tech companies for corporate headquarters, shopping center owners, and office building buyers and sellers. On the side from daily broker activities, I began purchasing apartments, and historic homes that needed major renovation, to complete a significant renovation and sell the properties for a profit, at least hopefully. My real estate broker activities, and property acquisition and renovation business lasted six years until 1991, when I was approached to become a one third partner in locating and developing world class resort communities. Jumping at that opportunity, within months, I had identified and negotiated with land owners in Santa Fe New Mexico, the acquisition of 2.500 acres that would be designed to develop a 175 room resort hotel, two Jack Nickolaus golf courses, 500 custom home sites, 500 condominiums, a retail center, a train station with a historic train and stage coach. As the lead development partner, I worked with architects, civil engineers and community leaders in Santa Fe for two years to begin developing this project, when the bottom fell out of the entire US commercial real estate market in 1991/1992/1993. It was a sad moment when it was clear that this project was never going to happen during one of the worst commercial real estate recessions of the 20th century, and we all shook hands and said farewell to Santa Fe and to developing resort communities. After the recession was ending in 1996, I decided that I would once again focus on home development in Silicon Valley. I purchased land to develop condominiums and zero lot line single family homes which was new for me, after renovating historic homes built in the early 1900’s. I purchased infill land with existing structures, to demolish and create new communities until deciding to change course in early 2000 when I sold the last of the new homes. Two months later, the dot com bust began and I had luckily escaped the Silicon Valley implosion lasting five years and taking down home values with it.
During these years from 2000 until 2007 we lived in Florida and had determined that it was much better to enjoy the sun and sand, rather than becoming another salmon swimming in the wrong direction. After moving to Nashville in 2007 with not a lot to do, and not wanting to engage in real estate development in Nashville as the following boom times in Nashville were nowhere in sight, I began looking at other US economies and cities that would be perfect for buying apartment communities in great locations in need of renovation. After a casual search, it was determined that Texas had a great economy and the five year growth opportunities were the strongest in the US.
After my daughter searched on line one evening, she stumbled upon 10 properties that she thought I should look at and review. Early in that process, hours later, I came across two adjacent properties that within previous days had been foreclosed on by a Texas bank. After a google street search, I was very excited about the location, I called a Houston Broker who I knew, and he instructed me to write up an offer to purchase the properties.
I did just that, and after one week of negotiations with the bank, competing with four others buyers, they elected to take my offer, and within one month, we were the proud owners of partially boarded up, very distressed, 50% empty apartments one block from the Galleria Mall, on McCue Road, Houston Texas. This was lucky, but not for the faint of heart, kicking out drug dealers, a large number of individuals who had not paid rent in 1 year, and others of questionable character. Construction was started within weeks to transform the properties into very high quality boutique apartment communities within a 1 block walk from the Galleria. As in the 1990’s, each of my developments at that time, had a theme component to the design, whether a French to Italian theme, or a Hansel and Gretel looking community. With the apartments, both built in the 1960’s, one had a contemporary 60’s design and the other a New Orleans style. This was enhanced during renovation so that the contemporary property would resemble a quality LA/Las Vegas 60’s theme, with all new railings and ironwork typical of the era, a completely new facade, and the other property a French Village, with window boxes of flowers, and charming balconies. Construction was completed and all non-paying residents were replaced within two years from the start. At this time, Vintage Communities was formed. I went on to purchase another large apartment community three year after the first two, and in similar condition to the others, completely reconstructed and repositioned the property over the following two years. In 2016, Vintage Communities, received the Cornerstone Award from the Houston Apartment Association, only awarded every few years, and was presented to us for the best apartment renovations in the City of Houston. This award typically given only for new property development, was awarded to our properties, as the judges determined that these redevelopments were exceptional. We were thrilled to be recognized after years of hard work. Sometimes, you are just in the right place at the right time.
Has it been a smooth road?
Somewhat smooth, I have always been very lucky and blessed. Some of the real estate recessions were very difficult. But then you have to get up and go forward, recognize unique opportunities, and take a leap of faith.
Please tell us about your work.
Vintage Communities buys distressed apartment communities in great locations and restores them. As CEO I lead the direction, responsible for all design, negotiation, property management. We are known for buying and renovating to exceptional standards, rather than demolishing and building new. Most proud of receiving the 2016 Cornerstone award for the year’s best redevelopments.
Let’s touch on your thoughts about our city – what do you like the most and least?
I like the diversity of culture the best, with so many things to do, as in the arts, sciences and great ethnic restaurants. Great restaurants are the hidden secret here along with incredible museums, and wonderful small live theater. Not crazy about July, August and September, but Springtime comes twice.
Contact Info:
- Address: 2306 McCue Road
Houston TX 77056 - Website: MarqueeUptown.com
- Phone: 713-622-4363
- Email: realdealzz@aol.com or MgrMarquee@VintageCommunities.US
- Instagram: MarqueeUptown
- Facebook: MarqueeUptown
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