07/07/2022
372-units. Investment Opportunity!!
***Conservative Target Net IRR is 18.4%, with a return of capital in 36 to 60 months based on investment class.
***Our largest land purchase (nearly 13 acres) for an in-fill location (inside I-610) in our 25-year history.
***Location!!!!! With a young, highly educated, predominately white-collar demographic, well positioned to capitalize on the affluence of the area
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We are hosting Zoom meeting TOMORROW
Friday, July 8th 11:00am CDT
Register @
https://us02web.zoom.us/meeting/register/tZ0vceqqrTIvHNc4CoMukRDp44KHX1dgZTF-
contact : [email protected]
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The Good News:
🚨The current owner is based in Philadelphia and relies on third party management and switched management companies in August 2021. The property is short-staffed as workload is shared with the adjacent 504-unit property, bringing in our own property management allows us to capitalize on this improvement opportunity.
🚨The seller has lightly renovated 80% of the units of this 1974 asset. We will spend approximately $7 million renovating most, or all of the units, to match the market standard and achieve our pro-forma projections.
🚨However, it is very likely this asset could be acquired prior to completion for the land value (13 acres). In essence, the renovations are a hedge against the covered land play.
🚨We believe this project meets several factors necessary for an outsized return with an impeccable asset as collateral.
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The Bad News:
The total raise is $23 million, with only $7 million remaining, for a very highly desired piece of real estate in a rapidly growing market. I apologize in advance if you’re traveling or don’t see this right away, as I’m sure this raise will fill up pretty fast given the upside.
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We are hosting Zoom meetings to present this opportunity
Friday, July 8th 11:00am CDT
Register @
https://us02web.zoom.us/meeting/register/tZ0vceqqrTIvHNc4CoMukRDp44KHX1dgZTF-