PORTFOLIO
Portfolio Summary
We specialize in multifamily real estate investing, through development, acquisition, and repositioning of well-located assets with significant value-add potential. Our investment strategy and business plan are carefully established and executed to maximize returns. We partner with best-in-class operators, employ efficient asset management practices, and execute strategic renovations to enhance the value of our investments. The following examples highlight our successful track record in this sought after asset class.
Bluffview Apartments | Dallas TX
70 - unit, Multifamily Development, In Construction
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.
Marquis Trail Apartments | Downtown Clearwater, FL
55 - unit, Mixed Use Multifamily, In Construction
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 90mi long Fred Marquis 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.
Shady Dell MHP | Downtown Largo, FL
70 - unit, Redevelopment, In Planning
A redevelopment of an existing 21-pad Mobile Home Park just a block away from the rapidly growing Downtown of Largo. This prime location falls within an Opportunity Zone, offering notable tax advantages such as accelerated depreciation and the potential for tax elimination upon sale. The land acquisition was successfully completed on March 20th, 2023, and the entitlement process has commenced, including meeting city officials, environmental reports, surveys, and collaborations with architects and engineering partners. Notably, the property's proximity to the upcoming $80 million City Hall construction and a $75 million+ mixed-use project by national developers PMG, starting in the fourth quarter of '23, adds further value to the project's investment potential.
Grand Oak Apartments | Largo, FL
88 - unit, Multifamily Development, Current
The project reached completion in December 2022, successfully navigating through construction challenges during the pandemic and supply chain disruptions. Positioned in the central area of Pinellas County, the most densely populated county in Florida, the property benefits from a robust job market and a neighborhood experiencing rapid gentrification. The apartments feature contemporary open floorplan layouts and cutting-edge engineering, including state-of-the-art utilities and environmentally friendly solar energy systems. The project's innovative engineering serves as a tangible demonstration of its revenue-generating potential for future developments. Additionally, being situated within an Opportunity Zone provides multiple strategic options for maximizing returns on the investment.
Louis Palms MHP | Largo, FL
70 - unit, Redevelopment, In Planning
This project entails the redevelopment of an existing 23-pad Mobile Home Park located in the thriving West Bay Redevelopment area. Positioned within an Opportunity Zone, the property offers potential advantageous tax treatment. The land acquisition was successfully closed on December 1st, 2022, and since then, the entitlement process has been initiated. This includes active engagement in city official meetings, conducting comprehensive environmental assessments and land surveys, and collaborating closely with experienced architects and engineers for fit analysis and building design. The Tampa Bay region exhibits robust demographic trends, including impressive population growth and a leading rental market growth. Moreover, the City of Largo provides additional support through multiple grants and loans offered for housing development, making this project a highly compelling opportunity for investors and community development alike.
Palm Trace Apartments | Jacksonville, FL
160-unit, Multifamily, Current
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 has a hold period of approximately 5 years based on economic conditions. The average occupancy for 2020 was 94.7% and 97% leased.
The Heritage at Twin Creeks | Dallas, TX
83-unit, Class "A", Assisted Living, Current
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.
The Heritage of Marietta | Marietta, GA
57-unit, Assisted Living, Current
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 | Raleigh, NC
182-unit, Class "A", Senior Living, Exited
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 | Gilbert, Arizona
202-unit, Class "A", Senior Living, Exited
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 | Sozopol, BG
12-unit, Luxury Beach-front development, Exited
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.