Property

Landmark at Monaco Gardens Charlotte, NC

Property
Type
Multi-Family
Investment Type
Property
Asset Profile
Value Add
Min. Investment
$75K
Estimated Hold
5-6Y
Target Return (IRR)
14-17%
Target Annual Cash
8%
Target Equity Multiple
1.95x
 

Offered By

Hudson Capital Properties
Experienced Sponsor

New York, NY

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Assets Under
Management

Currently
$682MM
Exited
$68MM
Portfolio LTV
60%
Historical
Realized Returns

Total IRR
25.9%
Equity Multiple
2x
Annual Cash
10.6%
Years Of
Experience

As Principals
30+ years
In Business
8 years
Size
10 Staff
* All information is reported by Hudson Capital Properties as of 2/1/2017.
 

About this Property

Hudson Capital Properties is pleased to offer accredited investors the opportunity to participate in the acquisition of a 276-unit multifamily property located in Charlotte, NC. Landmark at Monaco Gardens was built in 1991 and is located in the University City submarket, less than a mile from the University of North Carolina Charlotte campus. Landmark presents investors with the unique opportunity to invest in a great asset located in the growing University City submarket that stands to benefit from both organic submarket growth as well as the delivery of the new Lynx Light Rail Line in 2017. It is HCP’s plan to immediately put in place a Capital Expenditure Plan that accomplishes the following objectives:

- Increase curb appeal by painting the trim of the buildings, a full property power wash and a restripe and seal of the parking lot - Solidify a branding strategy that creates an identity for the asset that gives tenants and prospects a sense of place that they identify as an attractive place to call home - Spend $9,500 per unit on unit interior renovations that will include new stainless steel appliances, faux granite countertops, faux wood vinyl floors, new cabinet boxes/doors/hardware, new plumbing fixtures, 6 panel doors, and 2 inch blinds - Spend $2,000 per unit on exterior and amenity renovations/upgrades

Hudson feels with its upgrade package and superior access to the new rail line and walkability to UNC-Charlotte that the property stands to see a minimum of a $150/premium on upgraded units.

The property boasts best in class amenities including a newly renovated clubhouse, a swimming pool with expansive sun deck, a 24 fitness center, a lighted tennis court, and a fenced in dog park.

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Key Points

  • Anticipated Closing Date: 3/2/2017
  • Projected Average Cash on Cash Return: 8.00% (over the estimated five year hold period)
  • Projected Project Level IRR & Equity Multiple: 16-18% and 2.04x, respectively
  • Financing: Ten Year Agency ARM with 5 Years of Interest Only at 70% Loan-To-Value
  • Hold Period: 5-6 Years
  • Net Gain on Capital: $10,346,342
 

Financials

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Location Details

Charlotte, NC

Charlotte is North Carolina's largest city and the second largest financial services center in the United States after New York.

The property is located in the university submarket, 0.7 miles from the UNC Charlotte campus which now has an enrollment of 28,000 students and has 3,000+ employees. The submarket is expected to receive a large economic boost with the delivery of the Lynx Light Rail line in 2017 which will provide direct connectivity to uptown Charlotte, home to the United State’s second largest financial center.

The Light Rail station is within walking distance (0.5 miles) from the property. The University City submarket consists of well-educated Millennials with an average age of 29 year old, 76% college graduates and an average household income of around $85,000.

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Documents

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Frequently Asked Questions

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

The first projected distribution is scheduled for April 2017.

Distributions are scheduled to go out on a monthly basis.

Yes, non-US residents are welcome to apply.

No, this offering is not available for 1031 exchange.

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Have a Question?

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