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Return Summary

Highlights

  • Fractured condos
  • Greatly distressed
  • Up and coming location

IRR*

17.3%**

Equity Multiple*

3.8x**

Holding Period

13.6yrs

* For active deals, IRR and EM return metrics are projected values that are underwritten with realized distributions, projected distributions, and a conservaitve terminal value.

Project Description

Project Timeline

December 2010

Purchased 48 of 60 condos in a physically and financially distressed condominum. Began process of rehabbing the units we purchased and went to work on buying the remaining units left in the building.

May 2013

Purchased the final condo, achieving full ownership at the property. Started rehabbing the exterior of the building and common areas.

March 2014

Refinanced the property and distributed 76% of initial investor equity.

October 2018

Refinanced the property again, distributing an additional 66% of initial equity. The combination of these two financing events and all other operating distributions as of Oct 2018, brought investors to a 1.6x equity multiple.

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