Property Details
Below Market Rents  Repositioning Opportunity  NOI Growth 
Asset Profile
Value Add

Chateaux DiJon

Metairie, LA

Multi-Family Property

Only 4 spots left to invest

Apply to Invest
Lurin Capital Dallas, TX
Lurin Capital
  • IRR 24%
  • Equity Multiple 1.8x
  • Hold Period 3-4Y
  • Minimum Investment $25K
  • Year 1 Cash on Cash 4%
  • Stabilized Cash on Cash 12% Y2
  • First Distribution Sep 2020
  • Distribution Frequency Quarterly
  • Asset Profile Value Add
  • Loan-to-Value 76%
  • Current Occupancy 96%

About this Property

Why This Property?

Lurin Capital: Chateaux DiJon is located in the high barrier-to-entry submarket of Metairie, boasting upscale demographics, solid single-family homes ($500k - 850k within a one mile radius), and limited apartment deliveries. During the last four quarters, no new supply has come to market in the immediate area. Currently there is only one property totaling 9 units under construction. Within a five-mile radius, only 850 units have been delivered since 2000. As a result, effective rents are projected to grow by approximately 15% by 2023. In addition, current effective rents are about 30% below market ($0.93/sf/month vs an average market rent of $1.21/sf/month).

By strategically repositioning the property, Lurin will market the property’s desirable location to bring rents in-line with properties of similar vintage in the immediate sub-market. With strong demand for upgraded interiors in the submarket, Chateaux DiJon is an excellent opportunity to acquire a true value-add investment.



Why Do You Like This Strategy?

Lurin Capital: Lurin’s multifamily strategy is to acquire distressed and stressed Class B and C assets in favorable growth markets across the Southeast. They target specific submarkets where household incomes should support future rent growth and concentrate on the working class and young professional demographic segment, i.e. the “renter by necessity.” These are tenants that exhibit stable rent payment behavior, but cannot afford Class A rental housing and/or where purchasing a home is not yet an option. They have found the Class B and C markets to have an attractive competitive landscape for several reasons including:

  • Limited new supply,
  • Strong renter demand due to affordability constraints for new products/homes, and
  • Significant number of market players are non-institutional owner-operators who are either poorly funded or lack the experience in property management including operations, maintenance and renovations


  • How Are You Mitigating Risks?

    Lurin Capital: Lurin's multi-family platform employs a straightforward investment strategy. They seek to acquire distressed and stressed assets in favorable locations at significant discounts to replacement costs, maximize value by addressing any property or operational issues through aggressive asset management and targeted value-add initiatives, and seek to capitalize on the investment opportunity once their objectives are accomplished.

    Lurin has a fully integrated platform that manages all aspects of acquisitions, construction, asset management, property management, capital markets and dispositions. This integrated platform enables the firm to effectively execute its business plans and deliver optimal performance during each stage of the value creation process. The firm’s primary focus to its investors is to generate attractive risk adjusted returns across market cycles while protecting investor capital by acquiring assets at a significant discount to replacement cost.

About this Property

Why This Property?

Lurin Capital: Chateaux DiJon is located in the high barrier-to-entry submarket of Metairie, boasting upscale demographics, solid single-family homes ($500k - 850k within a one mile radius), and limited apartment deliveries. During the last four quarters, no new supply has come to market in the immediate area. Currently there is only one property totaling 9 units under construction. Within a five-mile radius, only 850 units have been delivered since 2000. As a result, effective rents are projected to grow by approximately 15% by 2023. In addition, current effective rents are about 30% below market ($0.93/sf/month vs an average market rent of $1.21/sf/month).

By strategically repositioning the property, Lurin will market the property’s desirable location to bring rents in-line with properties of similar vintage in the immediate sub-market. With strong demand for upgraded interiors in the submarket, Chateaux DiJon is an excellent opportunity to acquire a true value-add investment.



Why Do You Like This Strategy?

Lurin Capital: Lurin’s multifamily strategy is to acquire distressed and stressed Class B and C assets in favorable growth markets across the Southeast. They target specific submarkets where household incomes should support future rent growth and concentrate on the working class and young professional demographic segment, i.e. the “renter by necessity.” These are tenants that exhibit stable rent payment behavior, but cannot afford Class A rental housing and/or where purchasing a home is not yet an option. They have found the Class B and C markets to have an attractive competitive landscape for several reasons including:

  • Limited new supply,
  • Strong renter demand due to affordability constraints for new products/homes, and
  • Significant number of market players are non-institutional owner-operators who are either poorly funded or lack the experience in property management including operations, maintenance and renovations


  • How Are You Mitigating Risks?

    Lurin Capital: Lurin's multi-family platform employs a straightforward investment strategy. They seek to acquire distressed and stressed assets in favorable locations at significant discounts to replacement costs, maximize value by addressing any property or operational issues through aggressive asset management and targeted value-add initiatives, and seek to capitalize on the investment opportunity once their objectives are accomplished.

    Lurin has a fully integrated platform that manages all aspects of acquisitions, construction, asset management, property management, capital markets and dispositions. This integrated platform enables the firm to effectively execute its business plans and deliver optimal performance during each stage of the value creation process. The firm’s primary focus to its investors is to generate attractive risk adjusted returns across market cycles while protecting investor capital by acquiring assets at a significant discount to replacement cost.

Offered By

Lurin Capital

Lurin Capital

Dallas, TX

Login or Register to See More Details

Available to Registered Users

  • Get to know the sponsor behind the offering with key information
  • See an overview of their experience and success
  • Understand their investment strategies
  • Easy access to contact the sponsor directly to learn more
Assets Under
Management

Currently
$455MM 10+ assets
Exited
$52MM less than 10 assets
Portfolio LTV
72%  
Historical
Realized Returns

Total IRR
N/R  
Equity Multiple
1.65x  
Annual Cash
N/R  
Years Of
Experience

As Principals
20+ years  
In Business
4 years  
Size
20 Staff * Dedicated investor relations
* All information is reported by Lurin Capital as of 7/31/2019.
Assets Under
Management

Currently
$455MM 10+ assets
Exited
$52MM less than 10 assets
Portfolio LTV
72%  
Historical
Returns

Total IRR
N/R  
Equity Multiple
1.65x  
Annual Cash
N/R  
Years Of
Experience

As Principals
20+ years  
In Business
4 years  
Size
20 Staff * Dedicated investor relations
* All information is reported by Lurin Capital as of 7/31/2019.

Financials

Login or Register to View Financials

Available to Accredited Investors:

  • Get an overview of important financial details to make a smarter investment
  • Analyze the financial pro forma to see how projected returns are distributed over time
  • Review source and uses and other important details
Offering Financial

Sponsor Diligence Report

Login or Register to View Report

Available to Accredited Investors:

  • View principal experience
  • Review background check results
  • Track record verification
Diligence Preview

Location Details

Metairie, LA

The property is minutes from millions of square feet of high-end retail, including Lakeside Shopping Center, Clearview Mall, Porsche of New Orleans, and Class A office space, such as the Lakeway Office Towers, Galleria Tower and East Jefferson Hospital. Chateaux Dijon presents Lurin with an opportunity to acquire a true value-add asset in one of New Orleans premier submarkets.

Documents

Login or Register to View Documents

Available to Accredited Investors:

  • View, download, and print the offering PPM (Private Placement Memorandum)
  • View, download, and print the detailed financial projections
  • Access all of the important documents for this offering in one place
Offering Agreement Documents

Frequently Asked Questions

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

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.

RealCrowd is a marketplace that connects investors with qualified sponsors. We strive for transparency and impartiality. For this reason, we do not participate in any offerings on our site.

Have a Question?

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

Please resolve the captcha and submit.

We'll get back to you soon!

In the meantime, you can create an account to view detailed information about Chateaux DiJon.

In the meantime, please review the offering documents and financials.

Sign Up for our free 6 week course on the fundamentals of commercial real estate investing.