Real Estate Investment Portfolio
Co-Sponsor / Equity Partner
82 Unit Apartment Community
Ortega Village was acquired in November 2017 as part of a joint venture. The community consists of 2 studios, 20 one bedroom units, 57 two bedroom units, and 3 three bedroom units. The exterior will receive minor upgrades, and as normal tenant turn over occurs, units will receive interior upgrades. With the city of Jacksonville ranked #5 on Forbes 25 Fastest Growing Cities, we expect the market fundamentals to be favorable for years to come. The property is projected to be held for 5-7 years and sold at an opportune time.
This particular project consists 17 units across 3 properties including a 9 unit building, a 6 unit building, and a duplex. The locations and plans for these properties are very similar to The Lofts on 10th. The properties will be gutted, renovated, and stabilized at market rents. At this point the properties will be refinanced, held for cash flow, and sold when a favorable opportunity arises.
160 Unit Apartment Complex
Hampton Oaks was purchased in December 2016 and has since been re-branded Bradley Square. The complex consists of 48 one bedroom units and 112 two bedroom units. As normal tenant turn over occurs, units will receive interior upgrades including adding washer/dryer’s to units and an amenity upgrade. The location of this property combined with these upgrades will make it an attractive place to live for the growing population of Charleston. The property is projected to be held for 7-10 years and either be refinanced or sold at an opportunistic time.
The Lofts on 10th
8 Unit Apartment Building
Purchased in July 2016, this 8 unit apartment building consists of all one bedroom units. Located just 12 minutes from Cincinnati's Central Business District. The immediate plan for this property is to renovate and rebrand the property with new signage, parking lot, and interior unit upgrades. After renovation the property will be brought to market rents, stabilized, refinanced, and held for cash flow.
Investor Level Return: 16.42% annualized
Lincoln Village Apartments
48 Unit Apartment Complex
Old Village was acquired in August 2015 before being repositioned as Lincoln Village. This 48 unit apartment complex consists of 6 one bedroom units, 34 two bedroom units and 8 three bedroom units. Located just 10 miles from downtown Columbus with easy access to major highways, and directly across from a large retail shopping center. The prior owners, absentee owners from Hawaii, did not have a capital budget, causing the property to have a significant amount of deferred maintenance. The plan for this property has been to bring the down units to rentable condition, upgrade the exterior of the property, bring rents to market value as the existing leases expire.
Investor Level Return: 32% over 18 months