Property Details
Repeat Sponsor  Stabilized Occupancy  Stabilized Cashflow  Below Market Rents  Repositioning Opportunity 
Asset Profile
Value Add

Nantucket Cove Apartments

Champaign, IL

Multi-Family Property
Barratt Asset Management Indianapolis, IN
Barratt Asset Management
Targets
  • IRR 16.5%
  • Equity Multiple 2.43x
  • Hold Period 7Y
  • Minimum Investment $50K
  • Year 1 Cash on Cash 7.4%
  • Stabilized Cash on Cash 8.2% in Y2
  • First Distribution Apr 2019
  • Distribution Frequency Quarterly
  • Co-Investment 10%
  • Preferred Return 7%
  • Investor Profit Share 75%
  • Asset Profile Value Add
  • Loan-to-Value 79.6%
  • Current Occupancy 100%

About this Property

Nantucket Cove Management LLC (“Nantucket Cove Management, NCM”) is pleased to present the opportunity to invest in Nantucket Cove Apartments, LLC (the “Investment”), a special-purpose Indiana limited liability company that will own a 240-unit multifamily community located in Champaign/Urbana, IL called Nantucket Cove Apartments (“Nantucket Cove”, “Nantucket Cove Apartments” or the “Property”). BAM Acquisitions LLC, an affiliate of Nantucket Cove Management, is currently under contract to acquire the Property. Before closing, the purchase contract will be assigned from BAM Acquisitions to Nantucket Cove Apartments LLC.

Nantucket Cove is a 240 unit, 2006-built,class-A, gated apartment community ideally located in Champaign (250k population), IL, home to the University of Illinois (45,000+ students). The market rate apartment community is adjacent to the area’s primary super regional retail destination and has ideal access to Interstate 74. The Champaign-Urbana MSA has a large population making it the 4th largest MSA in the State of Illinois. Some of the area’s employers include: IBM, Kraft Heinz, FedEx, Yahoo!, AMD, Caterpillar, John Deere and Dow Chemical.

Nantucket Cove’s amenities are second to none and include a resort style clubhouse and pool, state of the art fitness center, yoga studio, full indoor basketball court, 1500sf business center, coffee bar, dog park, sand volleyball court, car care center, sundeck, grilling stations and tennis court.

All apartment homes come with a fully equipped kitchen including; dishwasher, refrigerator with ice-maker, microwave and stove as well as full size washer and dryer.

Key Points

  • NCM believes there is value to be added through installation of a new management team. The asset is currently in a state of mediocre management and neglect by a large, out of state owner. NCM believes there’s significant improvement in the bottom line achievable with new management personnel.
  • Nantucket Cove will also benefit from a $1,200,000 property renovation. The following scope of work will be completed over the first 18-24 months of ownership: Clubhouse (Light Cosmetic Renovation) Unit Interior Flooring/Plank Upgrades Unit Interior Painting Unit Interior Door Hardware Unit Interior Cabinet Hardware Unit Interior Countertops Unit Interior Faucets Pool/Sundeck Upgrades Property Signage Upgrades Exterior Stairwell Upgrades Dumpster Enclosure Upgrades.
  • Nantucket Cove Management will pursue a conservative, 30-year amortization GSE loan; that would subsequently take out the original acquisition mini-perm loan approximately 24 - 36 months post closing. NCM is supremely confident in its ability to deliver a large cash distribution early in year 3 via a refinance.

Financials

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Offering Financial

Location Details

Champaign, IL

Nantucket Cove is a 240 unit, 2006-built, class-A, gated apartment community ideally located in Champaign (250k population), IL, home to the University of Illinois (45,000+ students). The market rate apartment community is adjacent to the area’s primary super regional retail destination and has ideal access to Interstate 74. The Champaign-Urbana MSA has a large population making it the 4th largest MSA in the State of Illinois. Some of the area’s employers include: IBM, Kraft Heinz, FedEx, Yahoo!, AMD, Caterpillar, John Deere and Dow Chemical.

Nantucket Cove’s amenities are second to none and include a resort style clubhouse and pool, state of the art fitness center, yoga studio, full indoor basketball court, 1500 square foot business center, coffee bar, dog park, sand volleyball court, car care center, sundeck, grilling stations and tennis court.

Documents

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Offering Agreement Documents

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