Development
We have completed over 15 investments achieving significant returns for our investors ranging from 18 to 41% annual rate of return (IRR) or 2.4 to 3.8x cash multiple. Highlighted investments are listed below
The Heritage at Twin Creeks – Current
83-unit, Class “A”, assisted living and memory care
Built in 2016, in Allen, Texas and acquired in 2019. The property offers high-end services, amenities, furnishing and is located in one of the strongest submarkets in the country, approximately 30 miles north of Dallas, Allen boasts an average HH income that is more than double the national average. In addition, the property presents a value-add opportunity through lease up, aggregation with other properties and sold to an institutional buyer. Strong operation activity, along with market rent escalations, has equated to a 20%+ growth to the property’s NOI from Year 1 to Year 3. The 65+ population within a five-mile radius of the property is forecasted to increase 6.39% per year outpacing the national 65+ growth rate of 3.19% and representing an additional 9,404 senior residents per year.
Palm Trace Apartments – Current
160-unit, multi-family renovation
A 160-unit multi-family property in Jacksonville, Florida. The property is a trophy asset with an exceptional location and interior renovation and management optimization opportunities. The business thesis was to renovate and modernize the units and improve management driving rental yields up. The property was acquired in October 2018 and ha a hold period of approximately 5 years based on economic conditions. The average occupancy for 2020 was 94.7% and 97% leased.
The Heritage of Marietta – Current
57-unit, assisted living and memory care renovation
Acquired in the beginning of 2018, built in 1998, the two-story building has 35,180 sq. feet and is situated on 3.35 acres in the Town of Marietta, GA; The property has 44 assisted listing units and 13 memory care units but is being run as a Personal Care Home. Georgia licensure changes resulted in needed upgrades to the fire and life-safety systems to maintain licensure. The prior owner (Brookdale) was unwilling to invest the cost (approximately $300,000) to upgrade these systems. The renovation work is now complete as part of the repositioning, and a more advantageous Assisted Living license has been received. New FF&E was installed in Q1 2019. Current occupancy is approximately 70% and a Sales Specialist is assigning to the property to focus on occupancy growth to complete the value-add-strategy.
The Aspens at Bedford Falls – Exited
182-unit, Class “A”, senior living development
The Aspens at Bedford Falls is a 182-unit active-adult senior living community development commenced in the beginning of 2018 located in the northeast Raleigh, off Falls of Neuse road. With a population of more than 1.3 million, Raleigh-Cary NC MSA is one of the fastest growing cities in the United States. The Aspens at Bedford Falls received an unsolicited offer to acquire the assets from Greencourt Partners. The property closed on the sale mid-December 2019 and sold 3 years early. The realized return was a 1.50x cash multiple and 25% IRR
The Aspens at Mariposa – Exited
202-unit, Class “A”, senior living development
The Aspens at Mariposa Point (“TAMP”) is a 202-unit active-adult senior living community development commenced in 2017 located in the heart of the East Valley within the Town of Gilbert, Arizona. The Aspens at Mariposa Point received an unsolicited offer to acquire the asset from Greencourt Partners. The property closed on the sale January 2020 and sold 3 years early. The realized return was a 1.50x cash multiple and a 22% IRR.
Villa Casablanca – Exited
12-unit, luxury beach-front development
A 12-unit development on the first line near the coast Sozopol, Bulgaria. The Bulgarian seashore real estate market was experiencing significant growth driven by Russian tourism, creating a development opportunity. The project was initiated in 2010 and completed in 2013. The total value was in excess of €3.2 M and resulted in 3.8x cash multiple or 41% IRR.
Bluffview Apartments, Dallas TX
69 – unit, Multifamily Development
Acquiring one of the few ready to build MF sites near urban core in Dallas, our team is well positioned to execute on yet another residential development. With plans and permits in place, construction is planned to break ground January ’23. The project has a projected 30%IRR over 3 year hold.
Downtown Clearwater Apartments
52- unit, Mixed Use Multifamily w/ ground floor retail
Steps away from the #1 ranked Clearwater Beach, a national tourist destination, the project is well timed and positioned amidst a development boom in the town center to be part of a thriving community in an remarkable location. With direct access to the 50mi long Pinellas trail and walking distance to the beach and a redeveloped vibrant downtown, residents will enjoy one of the most sought after locations in the country. Ground level to be retail leased, with store front access to beach and trail traffic. The project is planned to break ground January ’23, with returns projected at 27%IRR over 3 year. Located in Opportunity Zone.
Clearwater/ Largo Apartments
85 – unit, Multifamily Development
Newly built, casual-elegance apartments in the heart of Pinellas County. Small private community, designed beautifully with open floorplan layouts and creative engineering with state of the art utilities and environmentally friendly solar energy systems creating a proof of concept of an additional revenue generating model for future projects. Apartments currently for lease. Project located inside of Opportunity Zone allowing for multiple exit strategies.