Property Details
Below Market Rents  Repositioning Opportunity  NOI Growth  Ground-Up Development 
Asset Profile
Value Add

CalNeva Workforce Housing Fund I

Southern CA & NV

Multi-Family Fund
Golden Bee Properties Los Angeles, CA
Golden Bee Properties
  • IRR 13-18%
  • Equity Multiple 2x
  • Hold Period 7-10Y
  • Minimum Investment $50K
  • Year 1 Cash on Cash 8%
  • Stabilized Cash on Cash 8% in Y2
  • First Distribution Jan 2022
  • Distribution Frequency Quarterly
  • Co-Investment 5%
  • Preferred Return 8%
  • Investor Profit Share 75%
  • Asset Profile Value Add
  • Loan-to-Value 75%
  • Current Occupancy N/R

About this Fund

"A multifamily workforce housing fund focused on the Los Angeles and Las Vegas metros consisting of a diversified pool of both value-add and ground-up assets, targeting an 8% cash on cash return."

-David Berneman, Golden Bee Properties

Fund Type Multifamily
Investment Timing Equity called over time
Market(s) Southern CA & NV1
Target Fund Size $30MM
Date Opened for Investments April 20, 2021
Amount Raised $1.5MM
Amount Deployed $0MM2
Est. Time to Next Investment June 2021
Est. Time to Initial Distribution January 2022
1The Company may invest nationwide, however, it is anticipated that its initial investments will primarily be in the States of California and Nevada.
2The sponsor anticipates funding its first investment on or about June 30, 2021 through the purchase of its first asset, a 56 unit LIHTC multifamily in Las Vegas, Nevada.

Top Questions

All answers are provided by the sponsor, Golden Bee Properties, or its representatives.

 

What is your investment strategy/business plan for the Fund?

David Berneman, Golden Bee Properties: "The CalNeva Workforce Housing Fund will focus primarily on acquiring and renovating multifamily properties in California and Nevada. The Fund will target assets with both current cash flow as well as those that require a heavy value-add strategy. By mixing these forms of multifamily into one singularly focused workforce housing fund, it will be able to achieve current cash flow while also benefiting from appreciation over time. The Fund will fully vest by December 31, 2022 and will begin its liquidation of assets by 2028."

 

What are the most important aspects of the fund for investors?

David Berneman, Golden Bee Properties:

  • "Workforce Housing: Workforce housing targets the demographic making <$75,000 in annual income, which is approximately 60% of the US population. Golden Bee Properties has invested in this product type for the past decade, with over 25% of its current portfolio of units using some form of government voucher."
  • "Value-Add California and Nevada Investments: With over a decade of on the ground experience in California and Nevada, Golden Bee Properties is well versed in the intricacies of multifamily assets in these markets."
  • "Diversified Pool of Assets: Having a diverse pool of both value-add and ground up assets will allow the Fund to produce cash flow while simultaneously creating appreciable value over time."
  • "Target 8% Cash on Cash: The Fund's first seed investment - a 56-unit multifamily assets in Las Vegas, NV - is poised to produce over 10% cash on cash in its first year of operation."

 

What are the risks and how are you mitigating those risks?

David Berneman, Golden Bee Properties: "The main challenge for this Fund will be raising investor capital while simultaneously deploying investor capital into assets. Golden Bee Properties will solve this by working to bridge the gap with internal funds from its balance sheet (when necessary) in order to obtain great off market properties in the event the capital raising is lagging behind the deployment."

 

How has COVID-19 impacted your business plan?

David Berneman, Golden Bee Properties: "COVID-19 impacted Golden Bee Properties and its operation in many ways. Firstly, as with most businesses, the office environment changed with employees being scattered. When that occurred Golden Bee's IT department went to work getting all staff connected via Microsoft Teams for a seamless interactive remote work environment. Secondly, Golden Bee Properties offered tenants with COVID related hardships an immediate 10% reduction in rent for a period of one to three months and a payment plan structure to accommodate those in changing job environments. And finally, COVID required a bit more hand holding for tenants with hardships. As such, Golden Bee redirected staff to help by going door-to-door assisting with payment plan structuring and government rent relief applications."

All answers are provided by the sponsor, Golden Bee Properties, or its representatives.

About this Fund

"A multifamily workforce housing fund focused on the Los Angeles and Las Vegas metros consisting of a diversified pool of both value-add and ground-up assets, targeting an 8% cash on cash return."

-David Berneman, Golden Bee Properties

Fund Type Multifamily
Investment Timing Equity called over time
Market(s) Southern CA & NV1
Target Fund Size $30MM
Date Opened for Investments April 20, 2021
Amount Raised $1.5MM
Amount Deployed $0MM2
Est. Time to Next Investment June 2021
Est. Time to Initial Distribution January 2022
1The Company may invest nationwide, however, it is anticipated that its initial investments will primarily be in the States of California and Nevada.
2The sponsor anticipates funding its first investment on or about June 30, 2021 through the purchase of its first asset, a 56 unit LIHTC multifamily in Las Vegas, Nevada.

Top Questions

All answers are provided by the sponsor, Golden Bee Properties, or its representatives.

 

What is your investment strategy/business plan for the Fund?

David Berneman, Golden Bee Properties: "The CalNeva Workforce Housing Fund will focus primarily on acquiring and renovating multifamily properties in California and Nevada. The Fund will target assets with both current cash flow as well as those that require a heavy value-add strategy. By mixing these forms of multifamily into one singularly focused workforce housing fund, it will be able to achieve current cash flow while also benefiting from appreciation over time. The Fund will fully vest by December 31, 2022 and will begin its liquidation of assets by 2028."

 

What are the most important aspects of the fund for investors?

David Berneman, Golden Bee Properties:

  • "Workforce Housing: Workforce housing targets the demographic making <$75,000 in annual income, which is approximately 60% of the US population. Golden Bee Properties has invested in this product type for the past decade, with over 25% of its current portfolio of units using some form of government voucher."
  • "Value-Add California and Nevada Investments: With over a decade of on the ground experience in California and Nevada, Golden Bee Properties is well versed in the intricacies of multifamily assets in these markets."
  • "Diversified Pool of Assets: Having a diverse pool of both value-add and ground up assets will allow the Fund to produce cash flow while simultaneously creating appreciable value over time."
  • "Target 8% Cash on Cash: The Fund's first seed investment - a 56-unit multifamily assets in Las Vegas, NV - is poised to produce over 10% cash on cash in its first year of operation."

 

What are the risks and how are you mitigating those risks?

David Berneman, Golden Bee Properties: "The main challenge for this Fund will be raising investor capital while simultaneously deploying investor capital into assets. Golden Bee Properties will solve this by working to bridge the gap with internal funds from its balance sheet (when necessary) in order to obtain great off market properties in the event the capital raising is lagging behind the deployment."

 

How has COVID-19 impacted your business plan?

David Berneman, Golden Bee Properties: "COVID-19 impacted Golden Bee Properties and its operation in many ways. Firstly, as with most businesses, the office environment changed with employees being scattered. When that occurred Golden Bee's IT department went to work getting all staff connected via Microsoft Teams for a seamless interactive remote work environment. Secondly, Golden Bee Properties offered tenants with COVID related hardships an immediate 10% reduction in rent for a period of one to three months and a payment plan structure to accommodate those in changing job environments. And finally, COVID required a bit more hand holding for tenants with hardships. As such, Golden Bee redirected staff to help by going door-to-door assisting with payment plan structuring and government rent relief applications."

All answers are provided by the sponsor, Golden Bee Properties, or its representatives.

Offered By

Golden Bee Properties

Golden Bee Properties

Los Angeles, CA

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Assets Under
Management

Currently
$137.4MM 30+ assets
Exited
$111.32MM 50+ assets
Portfolio LTV
72%  
Historical
Realized Returns

Total IRR
67.4%  
Equity Multiple
4.03x  
Annual Cash
22%  
Years Of
Experience

As Principals
30+ years  
In Business
10 years  
Size
18 Staff * Dedicated investor relations
* All information is reported by Golden Bee Properties as of 5/12/2021.
Assets Under
Management

Currently
$137.4MM 30+ assets
Exited
$111.32MM 50+ assets
Portfolio LTV
72%  
Historical
Returns

Total IRR
67.4%  
Equity Multiple
4.03x  
Annual Cash
22%  
Years Of
Experience

As Principals
30+ years  
In Business
10 years  
Size
18 Staff * Dedicated investor relations
* All information is reported by Golden Bee Properties as of 5/12/2021.

Financials

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Offering Financial

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Location Details

Southern CA & NV

David Berneman, Golden Bee Properties: "Southern California and Nevada have diversified and growing economies, largely bolstered by their tourism, entertainment, manufacturing, logistics and tech sectors. These all create an immense need for workforce housing. Golden Bee Properties has been on the forefront of providing workforce housing in these markets over the past decade and intends to do so into the next decade."

Documents

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Offering Agreement Documents

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