OUR

PORTFOLIO

Photo Jul 09, 5 15 57 PM
Photo Jul 09, 5 15 57 PM

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All 6 Buildings from Hikes Lane
All 6 Buildings from Hikes Lane

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Orchard Manor Pic
Orchard Manor Pic

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Photo Jul 09, 5 15 57 PM
Photo Jul 09, 5 15 57 PM

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1/5
Louisville, KY

Orchard Manor Townhomes

Value add through exterior and interior renovations. We purchased this 32-unit direct to seller. The asset is located in a rapidly growing sub-market of Louisville, .5 mile from a major local metro plaza composed of large retailers such as Starbucks, Home Depot, Costco, and Target. This "path of progress" location combined with below-market rents and value add potential offers tons of upside in this asset. Partnered with seasoned operators with decades of construction and asset management experience.

Size
Role

General Partner (GP)

32 Units

Closing Date

09/17/2021

Class

C+

Purchase Price

$2.475 million

Financing

Agency Debt

(2-year Interest Only)

 
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2

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1/5
Murfreesboro, TN

The 902 Apartments

Value add through repositioning/re-branding. We invested in a 93-unit just outside of Nashville, TN using very attractive seller financing. The asset is currently operated as a mixture of weekly and monthly rentals. There are a tremendous amount of operational efficiencies to implement as the current payroll expenses exceed $200,000 annually simply because of the management overhead to operate weekly rentals. Moving away from the weekly rental base and getting a more stable annual tenant base will assist with the property’s reputation in the area. This will allow our team to slowly increase the rents over time, getting them up to a market rate (a nearly $275/unit/month difference).

Size
Role

Limited Partner (LP)

93 Units

Closing Date

11/2/2020

Class

B

Purchase Price

$8.3 million

Financing

Seller Financing

Nightingale Photo
Nightingale Photo

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Nightingale Photo
Nightingale Photo

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1/1
Louisville, KY

Nightingale Apartments

Value-add through renovations and operational upside play. The asset is surrounded by Louisville’s finest commercial amenities including the Louisville Zoo, Audubon Park, Bellarmine University, University of Louisville, and many others all within a 3-mile radius of the property. The General Partners’ (GPs’) business plan is to complete upgrades to unit interiors as well as exterior improvements to the building and site. These improvements will demand a $100-$150 monthly rent increase on a per-unit basis. Operational upside through hiring a qualified third-party property manager will provide additional value by helping to decrease the already high Operating Expenses (OpEx) of the property. All of these changes, once completed, will increase Net Operating Income (NOI) and thus asset value substantially.

Size
Role

Limited Partner (LP)

65 Units

Closing Date

9/8/2020

Class

B

Purchase Price

$2.4 million

Financing

Agency Debt

(1-year Interest Only)

 
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Delavan_After

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Delavan Before_After
Delavan Before_After

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Delavan_Kitchen1
Delavan_Kitchen1

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Delavan_After
Delavan_After

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Role

Joint Venture

Closing Date

1/15/2019

Newark, NJ

67 Delavan Avenue

Poorly managed BRRR play. We acquired a distressed duplex in the north Newark sub-market and BRRR’ed (Buy, Renovate, Rent, Refinance) the asset using a hard money loan. Renovations included new kitchens, baths, flooring, as well as adding another unit to the property. Through these renovations, we were able to increase NOI by 105%. Upon stabilization, we were able to refinance and receive 100% of our capital back.

Size

3 Units

Class

C

Purchase Price

$232,000

Financing

Hard Money Loan

 
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IMG_0639

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IMG_0639

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1/1
Philadelphia, PA

107-115 W. Thompson Street

Great location, heavy deferred maintenance play. We acquired 5 adjacent rowhouse-style buildings in the very trendy Fishtown sub-market. We gut renovated all units and increased NOI 40% through rent bumps and operating expense management.  The asset went from an average rental rate of $900 prior to acquisition to $1,500 post renovation. NOTE: This was originally a passive investment but we assumed the role of General Partners due to the original Sponsor’s failure to perform. We were able to vote them out, take control, stabilize the asset, and execute on the business plan ourselves, thereby securing our investment and learning a ton in the process.

Size
Role

Limited Partner (LP)

5 Units

Closing Date

7/31/2018

Class

B

Purchase Price

$650,000

Financing

Bridge Loan

 
Chatham
Chatham

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IMG_0760

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IMG_0750

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Chatham
Chatham

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1/15
Philadelphia, PA

3174 Chatham Street

Straightforward buy and hold deal. We acquired this single-family home in the up and coming Port Richmond sub-market of Philadelphia. The asset is rented on a long-term lease with a potential exit for us in 2021.

Size
Role

Limited Partner (LP)

Single Family Residence (SFR)

Closing Date

5/22/2018

Class

B

Purchase Price

$250,000

Financing

Bank Loan

 
Cornell
Cornell

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Living Room
Living Room

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Fam Room
Fam Room

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Cornell
Cornell

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1/4
West Orange, NJ

24 Cornell Street

Buy, Renovate, Rent (BRRR) and Sell play. The property is located in the bustling and affluent suburb of West Orange, New Jersey with parks and local dining within a 1-mile radius. The home was purchased with the intent to renovate and sell due. We renovated the interiors, installed new kitchen, bathrooms, and flooring, added a rear deck and a new family room. The exterior improvements included new siding, windows, and landscape work.

Size
Role

General Partners (GP)

Single Family Residence (SFR)

Closing Date

2/16/2017

Class

B+

Purchase Price

$263,000

Financing

Bank Loan

 
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W24th After

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dsc03210

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dsc03195

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W24th After
W24th After

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1/24
Bayonne, NJ

15 W24th Street

This property required over 100k in heavy value add which included a renovated kitchen, bathrooms, addition of an extra bedroom, property fencing, upgrade to electrical/plumbing and adding a new carport with front porch. Architectural drawings were completed and construction permits were obtained in order to complete major renovations to the front exterior of the property for the addition of the carport. 

Role
Size

Owner

Single Family Residence (SFR)

Closing Date

6/1/2012

Class

B+

Purchase Price

$200,000

Financing

Bank Loan