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Increase NOI by stabilizing NOI. Classic unit renovation and increased amenities
Location: Columbus, OH
Property type: MF
# Units: 194
Year build: 1971
Going in CAP rate: 7.26%
Rehab Budget: 1.3M
CoC: 7.70%
IRR: 23.50%
EM: 2.15
Workhouse housing. NOI stabilization by completing deferred maintenance and lender-required repairs. Increase of rents to market rate.
Location: Winston Salem, NC
Property type: MF
# Units: 336
Year build: 1960
Going in CAP rate: 4%
Rehab Budget: 2.3M
CoC: 11.95%
IRR: 15.11%
EM: 2.48
Increase NOI by stabilizing NOI. Classic unit renovation and increased amenities
Location: Columbus, OH
Property type: MF
# Units: 194
Year build: 1971
Going in CAP rate: 7.26%
Rehab Budget: 1.3M
CoC: 7.70%
IRR: 23.50%
EM: 2.15
Workhouse housing. NOI stabilization by completing deferred maintenance and lender-required repairs. Increase of rents to market rate.
Location: Winston Salem, NC
Property type: MF
# Units: 336
Year build: 1960
Going in CAP rate: 4%
Rehab Budget: 2.3M
CoC: 11.95%
IRR: 15.11%
EM: 2.48
Class A asset, high occupancy. The business plan includes optimization of current amenities, smart technology package implementation, and rent outdoor community areas improvements.
Location: Dallas, TX
Property type: MF
# Units: 179
Year build: 2016
Going in CAP rate: N/A
Rehab Budget: 900k
CoC: 5.50%
IRR: 20%
EM: 2
Workhouse housing. NOI stabilization by completing deferred maintenance and lender-required repairs. Increase of rents to market rate.
Location: Houston, TX
Property type: MF
# Units: 155
Year build: 2013 / 1973
Going in CAP rate: N/A
Rehab Budget: 1.06M
CoC: 8.70%
IRR: 15-60%
EM: 1.8
Class A asset, high occupancy. The business plan includes optimization of current amenities, smart technology package implementation, and rent outdoor community areas improvements.
Location: Dallas, TX
Property type: MF
# Units: 179
Year build: 2016
Going in CAP rate: N/A
Rehab Budget: 900k
CoC: 5.50%
IRR: 20%
EM: 2
Workhouse housing. NOI stabilization by completing deferred maintenance and lender-required repairs. Increase of rents to market rate.
Location: Houston, TX
Property type: MF
# Units: 155
Year build: 2013 / 1973
Going in CAP rate: N/A
Rehab Budget: 1.06M
CoC: 8.70%
IRR: 15-60%
EM: 1.8
Workhouse housing. NOI stabilization by completing deferred maintenance and lender-required repairs. Increase of rents to market rate. 9 fire damage units at purchase for full renovation & upgrade.
Location: Austin, TX
Property type: MF
# Units: 138
Year build: 1978 / 1983
Going in CAP rate: 4.40%
Rehab Budget: 3.2M
CoC: 8.90%
IRR: 15-60%
EM: 1.8
Class A asset, high occupancy. The business plan includes optimization of current amenities, smart technology package implementation, and rent outdoor community areas improvements.
Location: Houston, TX
Property type: MF
# Units: 212
Year build: 2010
Going in CAP rate: 4.30%
Rehab Budget: 1.2M
CoC: 8%
IRR:16%
EM: 1.8
Workhouse housing. NOI stabilization by completing deferred maintenance and lender-required repairs. Increase of rents to market rate. 9 fire damage units at purchase for full renovation & upgrade.
Location: Austin, TX
Property type: MF
# Units: 138
Year build: 1978 / 1983
Going in CAP rate: 4.40%
Rehab Budget: 3.2M
CoC: 8.90%
IRR: 15-60%
EM: 1.8
Class A asset, high occupancy. The business plan includes optimization of current amenities, smart technology package implementation, and rent outdoor community areas improvements.
Location: Houston, TX
Property type: MF
# Units: 212
Year build: 2010
Going in CAP rate: 4.30%
Rehab Budget: 1.2M
CoC: 8%
IRR:16%
EM: 1.8
Location: Morganton, NC
Property type: SS
# Units: 84
Year acquired: 2021
Workhouse housing. NOI stabilization by completing deferred maintenance and lender-required repairs. Increase of rents to market rate.
Location: Houston, TX
Property type: MF
# Units: 192
Year build: 1984
Going in CAP rate: 5.50%
Rehab Budget: N/A
CoC: 8%
IRR: 16%
EM: 2
Location: Morganton, NC
Property type: SS
# Units: 84
Year acquired: 2021
Workhouse housing. NOI stabilization by completing deferred maintenance and lender-required repairs. Increase of rents to market rate.
Location: Houston, TX
Property type: MF
# Units: 192
Year build: 1984
Going in CAP rate: 5.50%
Rehab Budget: N/A
CoC: 8%
IRR: 16%
EM: 2
High occupancy, long-term residents. The business plan included external improvements, improve curb appeal, and amenity additions.
Location: Pittsburg, PA
Property type: MF
# Units: 23
Year build: 1881
Going in CAP rate: 4%
CoC: 7.70%
IRR: 36.06%
EM: 1.87
Convert from 100 Motel Rooms to 65 Units. Complete conversion within 12 months. Lease up to be completed, RUBS implementation. Refinance at 2 and 4 years of holding.
Location: Sierra Mesa, AZ
Property type: MF
# Units: 65
Year build: 1972 / 2021
Going in CAP rate: N/A
Rehab Budget: N/A
CoC: 8%
IRR: 17.90%
EM: 2.34
High occupancy, long-term residents. The business plan included external improvements, improve curb appeal, and amenity additions.
Location: Pittsburg, PA
Property type: MF
# Units: 23
Year build: 1881
Going in CAP rate: 4%
CoC: 7.70%
IRR: 36.06%
EM: 1.87
Convert from 100 Motel Rooms to 65 Units. Complete conversion within 12 months. Lease up to be completed, RUBS implementation. Refinance at 2 and 4 years of holding.
Location: Sierra Mesa, AZ
Property type: MF
# Units: 65
Year build: 1972 / 2021
Going in CAP rate: N/A
Rehab Budget: N/A
CoC: 8%
IRR: 17.90%
EM: 2.34
Workhouse housing. NOI stabilization by adding a dog park, soccer park, and other community amenities. The business plan also includes upgrades on classic units.
Location: Duncanville, TX
Property type: MF
# Units: 200
Year build: 1970
Going in CAP rate: 3.70%
Rehab Budget: 1.3M
CoC: 8%
IRR: 15%
EM: 1.9
Location: Uvalde, TX
Property type: MHP
# Lots: 26
Year acquired: 2021
Workhouse housing. NOI stabilization by adding a dog park, soccer park, and other community amenities. The business plan also includes upgrades on classic units.
Location: Duncanville, TX
Property type: MF
# Units: 200
Year build: 1970
Going in CAP rate: 3.70%
Rehab Budget: 1.3M
CoC: 8%
IRR: 15%
EM: 1.9
Location: Uvalde, TX
Property type: MHP
# Lots: 26
Year acquired: 2021
Workforce housing, value add assets, located in two thriving markets. Experienced team with successful performance in those markets. Large portfolio with economies of scale and cost optimization. *(projected returns)
Location: Lexington, KY
& Winston Salem, NC (5 Properties)
Property type: MF
# Units: 670
Year acquired: 2022
CoC: 8% – 10%
IRR: 13% – 16%
EM: 2.5 – 3.0
Location: Longview, TX
Property type: SS
# Units: 134
Year acquired: 2022
Workforce housing, value add assets, located in two thriving markets. Experienced team with successful performance in those markets. Large portfolio with economies of scale and cost optimization. *(projected returns)
Location: Lexington, KY
& Winston Salem, NC (5 Properties)
Property type: MF
# Units: 670
Year acquired: 2022
CoC: 8% – 10%
IRR: 13% – 16%
EM: 2.5 – 3.0
Location: Longview, TX
Property type: SS
# Units: 134
Year acquired: 2022
Location: Yantis, TX
Property type: MHP
# Lots: 32
Year acquired: 2022
Location: Yantis, TX
Property type: MHP
# Lots: 32
Year acquired: 2022