$7.25M
Sale price — Outpost Estates record
Single Family · Outpost Estates
The Macapa Oasis
7123 Macapa Dr · Sold · $7.25M · 2009 – 2020
163.6%
Gross profit on cost
1.61x
Equity multiple — spec phase
$4.50M
Gross project profit
The Investment
The largest gross profit in the portfolio — and the longest story behind it.
7123 Macapa was RC Thornton's primary residence for over a decade before it was redeveloped. That history matters to reading the numbers: the acquisition basis dates to 2009, and the gross project economics span an eleven-year ownership, not an eleven-year development.
The redevelopment itself — a substantial expansion and spec-quality rebuild — was executed over an 18-month phase at the end of that hold, which is the window the equity return reflects. The house was rebuilt to a specification aimed squarely at the top of the Outpost Estates market rather than a mid-market renovation.
It sold in 2020 for $7.25M — at the time, the most expensive sale ever recorded in Outpost Estates. Gross project profit was $4.50M, the largest single-project profit in the 21-project schedule.
Gallery
The property.
Return On Investment
The numbers.
| Strategy | Total project cost | Disposition / value | Gross profit | Profit on cost |
|---|---|---|---|---|
| Expand & spec rebuild | $2.75M | $7.25M | $4.50M | 163.6% |
Equity Performance — Realized
| Equity invested | Total returned | Net profit | Hold | Multiple | IRR |
|---|---|---|---|---|---|
| $1,000,000 | $1,612,783 | $612,783 | 18 mo | 1.61x | ~37% |
Equity figures reflect the 18-month spec expansion, rebuild, and sale phase. The property was RC Thornton's primary residence prior to redevelopment, and the project-level economics span the full ownership period from 2009. This project was completed by the principals through Thornton Development Group or an affiliated predecessor entity. It was not an Assemble Capital offering and did not involve Assemble Capital investors. Figures are sponsor-level, pre-tax, unaudited, and derived from internal records, closing statements, and lender documentation. Past performance is not indicative of future results.
Investment Cycle
How the deal ran.
Every project follows the same arc — acquire, design and permit, build, market, exit. What changes is where the time and the risk concentrate.
2009
Acquire
Purchased as a primary residence; held through two market cycles.
2019
Reposition
Redevelopment scope defined — expansion plus spec-level rebuild.
2019–2020
Build
18-month expansion and rebuild phase executed in-house.
2020
Market
Listed at the top of the Outpost Estates comparable set.
2020
Exit
Sold at $7.25M — the submarket's highest recorded sale at closing.
The Takeaway
Gross project profit and equity multiple answer different questions. Both are shown here because only reporting the larger number would misrepresent the return.
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