Hayes Court

Multi-Family Property
Experienced Sponsor
Henley USA
Boston, MA

Offered By

Henley USA

Boston, MA

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Assets Under
Management

Currently
$133MM less than 10 assets
Exited
N/R No asset count reported
Portfolio LTV
72%  
Historical
Realized Returns

Total IRR
N/R  
Equity Multiple
N/R  
Annual Cash
N/R  
Years Of
Experience

As Principals
15+ years  
In Business
3 years  
Size
9 Staff * Dedicated investor relations
* All information is reported by Henley USA as of 12/5/2017.
Assets Under
Management

Currently
$133MM less than 10 assets
Exited
N/R No asset count reported
Portfolio LTV
72%  
Historical
Returns

Total IRR
N/R  
Equity Multiple
N/R  
Annual Cash
N/R  
Years Of
Experience

As Principals
15+ years  
In Business
3 years  
Size
9 Staff * Dedicated investor relations
* All information is reported by Henley USA as of 12/5/2017.

About this Property

Henley USA is pleased to present an opportunity to co-invest in a multifamily asset with significant value add opportunity in New York City which we have just purchased. There is some remaining stub equity allowing investor participation post close.

This opportunity comprises two twin multi-family buildings in a quaint residential neighborhood of Jackson Heights, Queens, New York. The buildings contain 56 residential units and 6 commercial units. Henley USA intends to utilize some simple asset management strategies to increase project level Net Operating Income ("NOI").

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Key Points

  • A Low acquisition cost of $421 PSF, approximately a 16% discount to replacement cost
  • Modernization of highly inefficient, over-sized units and improvements to the common areas including stairwells, rooftops, and replacement of the building boilers
  • Increasing bedroom count from 97 to 142 over the hold period accounting for an estimated 70% of the value gain in the deal
  • Base case underwriting assumes no rental increase per bedroom despite significant modernization of units
  • Destabilization assumption of only 2 units per annum of the 17 rent stabilized units
  • Elimination of non-qualifying preferential rents
  • Free market renters will be offered a more efficient and modernized unit at a discounted rent level per bedroom to what current tenants at the property are paying i.e. deflationary rents assumed per bedroom
  • The asset is located just 20 minutes by subway to Midtown Manhattan and represents the lowest cost rental housing within that commute time.
  • Population growth in Queens is estimated to increase by 115,000 over the next 5-years with only 8,450 units of new inventory coming online over the same time. A significant under supply.

Financials

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Offering Financial

Location Details

New York, NY

With its prime location a short 20-25 minute subway commute to midtown Manhattan, the neighborhood of Jackson Heights offers the luxury of quaint residential living while simultaneously allowing easy access to the best New York City has to offer. Average vacancy across the submarket is currently less than 5%. Jackson Heights population growth is projected to outpace supply by 7x over the next 4 years.

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Documents

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Offering Agreement Documents

Frequently Asked Questions

Below are some of the most frequently asked questions about this offering.

The funding deadline is January 31st, 2018.

The first projected distribution is scheduled for May 2018.

Distributions are scheduled to go out on a quarterly basis.

Yes, non-US residents are welcome to apply.

RealCrowd is free for investors. RealCrowd charges a technology access fee to the operating partner for our services. We do not charge investors any upfront fees, ongoing asset management fees or promote/carried interest in the investments.

RealCrowd offerings are open to accredited investors. RealCrowd does not recommend or advise on any offering on our platform. While we have minimum history and experience threshold for sponsors who post on our platform, if you are unable to perform your own due diligence, please consult with an attorney or financial advisor prior to making an investment.

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Have a Question?

Send Henley USA and/or RealCrowd a message. If you have a question about this offering ask Henley USA. If you have a question about the transaction process or other general inquiry, RealCrowd will be happy to help.

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