We focus on opportunities where there is the potential to create value through renovation, repositioning or recapitalization.
Investment Criteria.
Geographic Focus
Florida, Mid-Atlantic, Southwest & Southeast
Transaction Size
Up to Seventy Five Million
Leverage
60 to 75% LTV
Equity Investment
Five to twenty million
Ownership %
51% to 90%
Asset Class
Multifamily; Garden Style B/C; 1980+; 100+ units
Investment Hold Period
3 to 7 Years
Target Returns
Opportunistic
Operator Promote
Market
Other
Customary
Structure
Co-investment Vehicle
Strategy
Value-Added & Opportunistic Multifamily
Target Return
11%-18% Net IRR depending on risk profile
Vehicle SIze
Twenty to fifty million, comprised of 2-5 projects
Target LTV
Max of 75% @ Portfolio Level
Vehicle Term
Closed-End, 5-yrs + 2 one-yr. extensions
Investment Period
Immediate
Management Fee
TBD% of Invested LP Capital annually, paid quarterly
Acquisition Fee
TBD% on Capital Invested in Projects
GP Investment
TBD% of LP Investment
LP Preferred Return
8% to 12%; risk profile dependent
GP Carried Interest
TBD% after preferred return and return of LP Capital
GP Catch-up
At Market
Clawback
At Market
Other
Customary