Property Details
Stabilized Cashflow  Below Market Rents  NOI Growth 
Asset Profile
Value Add

LURIN: Palisades at Pleasant Crossing (Northwest Arkansas)

Rogers, AR

Multi-Family Property
LURIN Dallas, TX
LURIN
  • IRR 28.45%
  • Equity Multiple 2.02x
  • Hold Period 3Y
  • Minimum Investment $50K
  • Year 1 Cash on Cash 5.25%
  • Stabilized Cash on Cash 10.58% in Y2
  • First Distribution Jun 2022
  • Distribution Frequency Quarterly
  • Co-Investment 10% ($1.25M)
  • Preferred Return 9%
  • Investor Profit Share See Financials
  • Asset Profile Value Add
  • Loan-to-Value 76.64%
  • Current Occupancy 95%

About this Property

"Class-A Multifamily Value-Add Opportunity in Northwest Arkansas, which was ranked the #4 best place to live by U.S. News and World Report in 2021-2022."

- Jon Venetos, LURIN

 

Property Address 2901 S. 26th Place
# of Units 396
Square Footage 340,890 sq. ft.
Year Built 2017, 2020
Year Renovated N/A
Current Occupancy  95%
Market Occupancy 97%
Current Average Rent $942
Average Market Rent $1,356
Acquisition Price $71,750,000
Price/SF $210.45
Stabilized Loan to Value 65%

Top Questions

All answers are provided by the sponsor, LURIN, or its representatives.

 

Why are you buying this property?

Jon Venetos LURIN: "LURIN is under contract to acquire Palisades at Pleasant Crossing, a Class-A property in Northwest Arkansas (“NWA”), a region comprised of the following MSAs: Bentonville, Rogers, Springdale, and Fayetteville. The asset consists of 396 units built in two phases, 2017 and 2020, and is being purchased for $71,750,000 or ~$181,150/unit."

"LURIN has been tracking the Northwest Arkansas market for a little over two years. LURIN's research indicates Northwest Arkansas possesses numerous key indicators that drive investor demand and multifamily valuations including rent growth, high levels of occupancy, positive net absorption, a diverse economic environment, and strong population growth. LURIN received the first look at Palisades at Pleasant Crossing before the official market launch due to a favorable broker relationship within its network. Although a small group of buyers were later shown the opportunity, LURIN had a head start and was ultimately awarded the deal largely due to LURIN’s reputation as a reliable buyer. The seller is disposing the asset to initiate a liquidity event as he enters retirement."

"By way of comparison, LURIN was part of the first wave of institutional investors targeting Huntsville, AL. This first mover advantage resulted in a coordinated effort to drive rent growth in a market that saw minimal rent growth under non-institutional ownership. In LURIN’s opinion, the macroeconomic growth along with the well-educated workforce in Northwest Arkansas closely mirrors that of Huntsville. As a parallel, LURIN purchased Gravity 255 in Huntsville, AL in December of 2020. The property is generating rental premiums of $190, $310, and $360 on 1BR, 2BR, and 3BR units respectively while only improving exteriors, renovating the amenity set, and providing clean make-ready interiors."

"Another example of LURIN’s success entering new markets was the purchase of Estates at Palm Bay in Fort Walton Beach, FL. Estates of Palm Bay was purchased in March of 2019 for $121,667/unit, and LURIN invested over $4M to renovate the interiors, exteriors and amenity set. After completing the majority of the renovations, and successfully repositioning the property, rents at the property were achieving a premium of $610, $520, and $590 on 2BR, 3BR, and 4BR units, respectively, over the rents when LURIN took over the property in 2019. Estates at Palm Bay was recently appraised for $250,000/unit."

"LURIN has experience renovating and repositioning workforce multifamily properties in commensurate markets throughout Texas, Alabama, South Carolina, and Florida. LURIN will upgrade 396 units and substantially increase and improve amenities to a standard needed to achieve proforma rents. LURIN intends to introduce consistency with regards to management through their own in-house management team, LURIN Property Management (“LPM”). Secondly, LURIN Construction Management (“LCM”), and LURIN Construction Services (“LCS”), will efficiently deliver newly renovated units rivaling the quality of the competing assets in the area, at a discount to the competition."

 

What are the most important aspects of this investment opportunity for the investors?

Jon Venetos, LURIN:

  1. "Walmart/Walton Family: Walmart (#1 on Fortune 500 list) is a mainstay for the regional economy, employing over 17,000 workers and is considered the bedrock employer for the region. Furthermore, the region has two additional Fortune 500 companies (J.B. Hunt #315 and Tyson Foods #79) with headquarters that employ thousands of workers in the region. Walmart requires each of its 1,500 suppliers, which employ over 10,000 people locally, to maintain a physical presence in the region. This strategy has led to Bentonville acquiring the nickname “Vendorville”. Walmart and the Walton family have also strategically cemented their headquarters permanently in Northwest Arkansas. Most notably, Walmart has already broken ground on a new 350-acre, $2 billion campus which is projected to finish by 2025. Furthermore, the Walton family has taken a vested interest in the area by enhancing quality of life through arts, education, food, music, and a variety of outdoor activities, such as the Crystal Bridges Museum of American Art, in an effort to recruit top talent to the region."
  2. "Why Northwest Arkansas: A direct beneficiary of the recent paradigm shift in work/life balance resulting from the pandemic, Northwest Arkansas ranks as the #4 Best Place to Live by U.S. News and World Report for 2021-2022. Driven by the Walton Family’s presence, the area is host to renowned chefs and restaurateurs and an ever-growing fine arts presence. One of the regions biggest appeals is the area’s 500 miles of biking trails nestled in and around the Ozark mountains. Northwest Arkansas is blended across two counties, Benton and Washington. According to the latest U.S. Census data, over the last decade the counties population grew by 26.1% and 17.8%, respectively, substantially faster than the national average of 7.4%. Additionally, Bentonville was ranked the nation’s 5th fastest growing city. The region’s economy is driven by three major fortune 500 companies (Walmart, J.B. Hunt, and Tyson Foods), as well as a variety of other professional industries. Northwest Arkansas has become an attractive, yet affordable, alternative to crowded and overpriced coastal living communities for families and particularly young professionals. "
  3. "Multifamily Market Fundamentals: Due to a strong economy and a swelling population, multifamily development and investment continue to flow into the region. Over the last year, demand outstripped supply, with 800 units of positive net absorption. Demand is expected to continue, as Axiometrics forecasts demand keeping pace with new deliveries through 2026. Year-over-year occupancy rates have consistently hovered around 96%, and are projected, on average, to remain at 97% through Q2 2026. Housing affordability has become a challenge, with the average home price increasing over 16% since the first half of 2020. The expanded renter pool driven by housing unaffordability compounded with positive net absorption and sustained levels of high occupancy have produced historically strong rent growth. The previous 12-month period saw gains of 10.4% effective rent growth, a record for the region, and per Axiometrics, rent growth is expected to conservatively average above 4% over the next three years."
  4. "Value-Add Opportunity for Class-A Product: LURIN plans to initially focus on the exterior renovations at Palisades so the property can maintain positive cash flows, then distribute to investors roughly 6-9 months after takeover. Resort style amenity offerings are a new phenomenon in Northwest Arkansas and have been well received by the market. Palisades at Pleasant Crossing sits on approximately 19.35-acres of land. Few other Class-A properties have a comparable greenspace offering, an important consideration in Northwest Arkansas where outdoor lifestyle plays an appealing role. Limited opportunity exists to acquire and reposition a Class-A asset below replacement costs. Due to budget constraints, the sellers/developers did not bring the property up to the luxury market level. Consequently, this creates a unique opportunity for LURIN to purchase and reposition a core asset in a premier location. In-place rents at the property are roughly $300 below comparable properties, and most of the competing properties surveyed by LURIN had limited availability (97%+ occupied) or a waitlist for available units. Most future developments are luxury Class-A+ offerings well above Palisades’ price point and will not be direct competition with the property."
  5. "Proven Track Record: LURIN has entered ten different markets in six years. The favorable pricing and market conditions in Northwest Arkansas correlate strongly with LURIN's portfolio’s top performing markets, especially those where LURIN was an early mover. LURIN has experience renovating and repositioning multifamily properties in commensurate markets throughout Texas, Louisiana, Alabama, South Carolina, and Florida. Each of LURIN’s first forays into new markets have been successful thus far. When entering a new market with other managers, investors often deal with the additional execution risk of poor management and construction delays/inefficiencies. LURIN avoids these risks with its fully vertically integrated platform including in-house property management and construction teams. Both teams will relocate current members from both construction and operations to get started and manage the continued build-out of their footprint."
  6. "Cash Flowing Asset: Since construction was completed in 2017, Palisades at Pleasant Crossing has consistently delivered strong positive cash flows. From 2017-2020, the multifamily inventory in Northwest Arkansas grew by 26%. During that time period and post stabilization, Phase I of the property (consisting of 208 units) remained over 94% occupied. In August of 2020, in the heart of the pandemic, the second phase of the property (containing 188 units) opened. Despite COVID-19 stressing the leasing environment for apartments, the second phase leased-up to 90% occupancy within just 10 months of opening. Since Phase II stabilized, occupancy has increased to 95% and cash flows have steadily increased as the property began to see rental increases on renewals."

    "During most value-add renovations, occupancy often drops in year one as units become available and undergo renovations; however, for Palisades, LURIN will be able to perform most interior renovations while the tenant is still living in the unit allowing occupancy to remain stable. Average net cash-on-cash returns to investors across the underwritten three-year hold period is 8.11%. This is likely a conservative estimation as LURIN underwrote substantial cushion in their occupancy to mitigate risk. If the property maintains just 89% occupancy throughout the hold, the cash-on-cash return will be 6%."

 

What is your investment strategy/business plan?

Jon Venetos, LURIN: "LURIN’s renovation strategy will be focused on three key areas: i) interior upgrades, ii) exterior improvements, and iii) adding additional & improving existing amenities. LURIN believes its value-add investment will yield an average rental increase of $271 per month per unit. As previously mentioned, LURIN will be using its in-house construction teams for both interior and exterior renovations."

"With regards to operations, LURIN will implement its proven approach encompassing; i) staffing, ii) day-to-day operations, iii) branding & marketing, iv) curb appeal and v) service improvements, through its own in-house management team, LURIN Property Management (“LPM”)."

"Within the Northwest Arkansas market, there are limited properties similar to Palisades, and upon completion of renovations, LURIN will own and operate a core asset below replacement costs. With little deferred maintenance, the value creation opportunity focuses on Palisades’ unique layout, which sits on over 19.35 acres of land."

"LURIN will upgrade 396 units (at an average spend of $9,147/unit including contingency and fees) to a standard needed to achieve proforma rents. This consistent level of renovated product will be equal in scope to the product delivered by the competitors in the market while proforma rents will remain in the middle of the distribution of market rents. The interior value-add will lightly renovate the units to achieve a level commensurate with the luxury market while pricing at a discount. As the property is newer construction with minimal deferred maintenance, the primary focus of the exterior renovations will be targeted on areas that require upgrades or were never implemented."

"LURIN’s plan is to substantially increase and improve the amenity package. The resort style amenity suite is a new development in Northwest Arkansas and has proven to be extremely popular. The only competing property in the market with a comparable amount of green space is Red Barn, which commands $500+ premiums to Palisades’ in-place rents. Currently, Palisades’ greenspace and amenities are ill-equipped to appropriately service the tenant base at a higher standard. LURIN plans to cater the amenity offering towards Northwest Arkansas’ outdoor lifestyle reputation by adding additional outdoor areas for residents to relax and interact with each other. The property currently has a pool that is substantially too small and a dilapidated dog park; however, empty green space is plentiful. All amenities are concentrated in the 1st phase and expanding amenities throughout the property will only increase the desirability for current and future residents."

"LURIN plans to initially focus on the exterior renovations at Palisades so the property can maintain positive cash flows, then distribute to investors roughly 6-9 months after takeover. Average Cash on Cash return for investors over the hold period is expected to be 8.12%. It is LURIN’S intention to dispose of the asset roughly 36 months into the project life cycle after fully repositioning the asset, assuming normal market conditions. That said, opportunity may exist to refinance the asset prior to 36-month period, return LP capital and cash flow the asset for a period beyond 36-months."

 

How has COVID-19 impacted your business plan?

Jon Venetos, LURIN: "COVID-19 has not impacted LURIN’s business plan."

 

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

Jon Venetos, LURIN: "There are a number of potential operational risks associated with this investment, including but not limited to: i) expiration of leases, ii) lease termination and tenant defaults, iii) due diligence may not reveal all property conditions, iv) unexpected delays in construction, v) financing and refinancing risk, vi) general local market risk for Northwest Arkansas, and vii) unanticipated market factors for 1st purchase in the market. Additional risks for this investment include an unforeseen material event such as a global pandemic."

 

NOTE: All answers provided by the sponsor, LURIN, or its representatives.

About this Property

"Class-A Multifamily Value-Add Opportunity in Northwest Arkansas, which was ranked the #4 best place to live by U.S. News and World Report in 2021-2022."

- Jon Venetos, LURIN

 

Property Address 2901 S. 26th Place
# of Units 396
Square Footage 340,890 sq. ft.
Year Built 2017, 2020
Year Renovated N/A
Current Occupancy  95%
Market Occupancy 97%
Current Average Rent $942
Average Market Rent $1,356
Acquisition Price $71,750,000
Price/SF $210.45
Stabilized Loan to Value 65%

Top Questions

All answers are provided by the sponsor, LURIN, or its representatives.

 

Why are you buying this property?

Jon Venetos LURIN: "LURIN is under contract to acquire Palisades at Pleasant Crossing, a Class-A property in Northwest Arkansas (“NWA”), a region comprised of the following MSAs: Bentonville, Rogers, Springdale, and Fayetteville. The asset consists of 396 units built in two phases, 2017 and 2020, and is being purchased for $71,750,000 or ~$181,150/unit."

"LURIN has been tracking the Northwest Arkansas market for a little over two years. LURIN's research indicates Northwest Arkansas possesses numerous key indicators that drive investor demand and multifamily valuations including rent growth, high levels of occupancy, positive net absorption, a diverse economic environment, and strong population growth. LURIN received the first look at Palisades at Pleasant Crossing before the official market launch due to a favorable broker relationship within its network. Although a small group of buyers were later shown the opportunity, LURIN had a head start and was ultimately awarded the deal largely due to LURIN’s reputation as a reliable buyer. The seller is disposing the asset to initiate a liquidity event as he enters retirement."

"By way of comparison, LURIN was part of the first wave of institutional investors targeting Huntsville, AL. This first mover advantage resulted in a coordinated effort to drive rent growth in a market that saw minimal rent growth under non-institutional ownership. In LURIN’s opinion, the macroeconomic growth along with the well-educated workforce in Northwest Arkansas closely mirrors that of Huntsville. As a parallel, LURIN purchased Gravity 255 in Huntsville, AL in December of 2020. The property is generating rental premiums of $190, $310, and $360 on 1BR, 2BR, and 3BR units respectively while only improving exteriors, renovating the amenity set, and providing clean make-ready interiors."

"Another example of LURIN’s success entering new markets was the purchase of Estates at Palm Bay in Fort Walton Beach, FL. Estates of Palm Bay was purchased in March of 2019 for $121,667/unit, and LURIN invested over $4M to renovate the interiors, exteriors and amenity set. After completing the majority of the renovations, and successfully repositioning the property, rents at the property were achieving a premium of $610, $520, and $590 on 2BR, 3BR, and 4BR units, respectively, over the rents when LURIN took over the property in 2019. Estates at Palm Bay was recently appraised for $250,000/unit."

"LURIN has experience renovating and repositioning workforce multifamily properties in commensurate markets throughout Texas, Alabama, South Carolina, and Florida. LURIN will upgrade 396 units and substantially increase and improve amenities to a standard needed to achieve proforma rents. LURIN intends to introduce consistency with regards to management through their own in-house management team, LURIN Property Management (“LPM”). Secondly, LURIN Construction Management (“LCM”), and LURIN Construction Services (“LCS”), will efficiently deliver newly renovated units rivaling the quality of the competing assets in the area, at a discount to the competition."

 

What are the most important aspects of this investment opportunity for the investors?

Jon Venetos, LURIN:

  1. "Walmart/Walton Family: Walmart (#1 on Fortune 500 list) is a mainstay for the regional economy, employing over 17,000 workers and is considered the bedrock employer for the region. Furthermore, the region has two additional Fortune 500 companies (J.B. Hunt #315 and Tyson Foods #79) with headquarters that employ thousands of workers in the region. Walmart requires each of its 1,500 suppliers, which employ over 10,000 people locally, to maintain a physical presence in the region. This strategy has led to Bentonville acquiring the nickname “Vendorville”. Walmart and the Walton family have also strategically cemented their headquarters permanently in Northwest Arkansas. Most notably, Walmart has already broken ground on a new 350-acre, $2 billion campus which is projected to finish by 2025. Furthermore, the Walton family has taken a vested interest in the area by enhancing quality of life through arts, education, food, music, and a variety of outdoor activities, such as the Crystal Bridges Museum of American Art, in an effort to recruit top talent to the region."
  2. "Why Northwest Arkansas: A direct beneficiary of the recent paradigm shift in work/life balance resulting from the pandemic, Northwest Arkansas ranks as the #4 Best Place to Live by U.S. News and World Report for 2021-2022. Driven by the Walton Family’s presence, the area is host to renowned chefs and restaurateurs and an ever-growing fine arts presence. One of the regions biggest appeals is the area’s 500 miles of biking trails nestled in and around the Ozark mountains. Northwest Arkansas is blended across two counties, Benton and Washington. According to the latest U.S. Census data, over the last decade the counties population grew by 26.1% and 17.8%, respectively, substantially faster than the national average of 7.4%. Additionally, Bentonville was ranked the nation’s 5th fastest growing city. The region’s economy is driven by three major fortune 500 companies (Walmart, J.B. Hunt, and Tyson Foods), as well as a variety of other professional industries. Northwest Arkansas has become an attractive, yet affordable, alternative to crowded and overpriced coastal living communities for families and particularly young professionals. "
  3. "Multifamily Market Fundamentals: Due to a strong economy and a swelling population, multifamily development and investment continue to flow into the region. Over the last year, demand outstripped supply, with 800 units of positive net absorption. Demand is expected to continue, as Axiometrics forecasts demand keeping pace with new deliveries through 2026. Year-over-year occupancy rates have consistently hovered around 96%, and are projected, on average, to remain at 97% through Q2 2026. Housing affordability has become a challenge, with the average home price increasing over 16% since the first half of 2020. The expanded renter pool driven by housing unaffordability compounded with positive net absorption and sustained levels of high occupancy have produced historically strong rent growth. The previous 12-month period saw gains of 10.4% effective rent growth, a record for the region, and per Axiometrics, rent growth is expected to conservatively average above 4% over the next three years."
  4. "Value-Add Opportunity for Class-A Product: LURIN plans to initially focus on the exterior renovations at Palisades so the property can maintain positive cash flows, then distribute to investors roughly 6-9 months after takeover. Resort style amenity offerings are a new phenomenon in Northwest Arkansas and have been well received by the market. Palisades at Pleasant Crossing sits on approximately 19.35-acres of land. Few other Class-A properties have a comparable greenspace offering, an important consideration in Northwest Arkansas where outdoor lifestyle plays an appealing role. Limited opportunity exists to acquire and reposition a Class-A asset below replacement costs. Due to budget constraints, the sellers/developers did not bring the property up to the luxury market level. Consequently, this creates a unique opportunity for LURIN to purchase and reposition a core asset in a premier location. In-place rents at the property are roughly $300 below comparable properties, and most of the competing properties surveyed by LURIN had limited availability (97%+ occupied) or a waitlist for available units. Most future developments are luxury Class-A+ offerings well above Palisades’ price point and will not be direct competition with the property."
  5. "Proven Track Record: LURIN has entered ten different markets in six years. The favorable pricing and market conditions in Northwest Arkansas correlate strongly with LURIN's portfolio’s top performing markets, especially those where LURIN was an early mover. LURIN has experience renovating and repositioning multifamily properties in commensurate markets throughout Texas, Louisiana, Alabama, South Carolina, and Florida. Each of LURIN’s first forays into new markets have been successful thus far. When entering a new market with other managers, investors often deal with the additional execution risk of poor management and construction delays/inefficiencies. LURIN avoids these risks with its fully vertically integrated platform including in-house property management and construction teams. Both teams will relocate current members from both construction and operations to get started and manage the continued build-out of their footprint."
  6. "Cash Flowing Asset: Since construction was completed in 2017, Palisades at Pleasant Crossing has consistently delivered strong positive cash flows. From 2017-2020, the multifamily inventory in Northwest Arkansas grew by 26%. During that time period and post stabilization, Phase I of the property (consisting of 208 units) remained over 94% occupied. In August of 2020, in the heart of the pandemic, the second phase of the property (containing 188 units) opened. Despite COVID-19 stressing the leasing environment for apartments, the second phase leased-up to 90% occupancy within just 10 months of opening. Since Phase II stabilized, occupancy has increased to 95% and cash flows have steadily increased as the property began to see rental increases on renewals."

    "During most value-add renovations, occupancy often drops in year one as units become available and undergo renovations; however, for Palisades, LURIN will be able to perform most interior renovations while the tenant is still living in the unit allowing occupancy to remain stable. Average net cash-on-cash returns to investors across the underwritten three-year hold period is 8.11%. This is likely a conservative estimation as LURIN underwrote substantial cushion in their occupancy to mitigate risk. If the property maintains just 89% occupancy throughout the hold, the cash-on-cash return will be 6%."

 

What is your investment strategy/business plan?

Jon Venetos, LURIN: "LURIN’s renovation strategy will be focused on three key areas: i) interior upgrades, ii) exterior improvements, and iii) adding additional & improving existing amenities. LURIN believes its value-add investment will yield an average rental increase of $271 per month per unit. As previously mentioned, LURIN will be using its in-house construction teams for both interior and exterior renovations."

"With regards to operations, LURIN will implement its proven approach encompassing; i) staffing, ii) day-to-day operations, iii) branding & marketing, iv) curb appeal and v) service improvements, through its own in-house management team, LURIN Property Management (“LPM”)."

"Within the Northwest Arkansas market, there are limited properties similar to Palisades, and upon completion of renovations, LURIN will own and operate a core asset below replacement costs. With little deferred maintenance, the value creation opportunity focuses on Palisades’ unique layout, which sits on over 19.35 acres of land."

"LURIN will upgrade 396 units (at an average spend of $9,147/unit including contingency and fees) to a standard needed to achieve proforma rents. This consistent level of renovated product will be equal in scope to the product delivered by the competitors in the market while proforma rents will remain in the middle of the distribution of market rents. The interior value-add will lightly renovate the units to achieve a level commensurate with the luxury market while pricing at a discount. As the property is newer construction with minimal deferred maintenance, the primary focus of the exterior renovations will be targeted on areas that require upgrades or were never implemented."

"LURIN’s plan is to substantially increase and improve the amenity package. The resort style amenity suite is a new development in Northwest Arkansas and has proven to be extremely popular. The only competing property in the market with a comparable amount of green space is Red Barn, which commands $500+ premiums to Palisades’ in-place rents. Currently, Palisades’ greenspace and amenities are ill-equipped to appropriately service the tenant base at a higher standard. LURIN plans to cater the amenity offering towards Northwest Arkansas’ outdoor lifestyle reputation by adding additional outdoor areas for residents to relax and interact with each other. The property currently has a pool that is substantially too small and a dilapidated dog park; however, empty green space is plentiful. All amenities are concentrated in the 1st phase and expanding amenities throughout the property will only increase the desirability for current and future residents."

"LURIN plans to initially focus on the exterior renovations at Palisades so the property can maintain positive cash flows, then distribute to investors roughly 6-9 months after takeover. Average Cash on Cash return for investors over the hold period is expected to be 8.12%. It is LURIN’S intention to dispose of the asset roughly 36 months into the project life cycle after fully repositioning the asset, assuming normal market conditions. That said, opportunity may exist to refinance the asset prior to 36-month period, return LP capital and cash flow the asset for a period beyond 36-months."

 

How has COVID-19 impacted your business plan?

Jon Venetos, LURIN: "COVID-19 has not impacted LURIN’s business plan."

 

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

Jon Venetos, LURIN: "There are a number of potential operational risks associated with this investment, including but not limited to: i) expiration of leases, ii) lease termination and tenant defaults, iii) due diligence may not reveal all property conditions, iv) unexpected delays in construction, v) financing and refinancing risk, vi) general local market risk for Northwest Arkansas, and vii) unanticipated market factors for 1st purchase in the market. Additional risks for this investment include an unforeseen material event such as a global pandemic."

 

NOTE: All answers provided by the sponsor, LURIN, or its representatives.

Offered By

LURIN

LURIN

Dallas, TX

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Assets Under
Management

Currently
$1.3B 30+ assets
Exited
$233MM less than 10 assets
Portfolio LTV
61.5%  
Historical
Realized Returns

Total IRR
27%  
Equity Multiple
2x  
Annual Cash
N/R  
Years Of
Experience

As Principals
5+ years  
In Business
6 years  
Size
90 Staff * Dedicated investor relations
* All information is reported by LURIN as of 9/30/2021.
Assets Under
Management

Currently
$1.3B 30+ assets
Exited
$233MM less than 10 assets
Portfolio LTV
61.5%  
Historical
Returns

Total IRR
27%  
Equity Multiple
2x  
Annual Cash
N/R  
Years Of
Experience

As Principals
5+ years  
In Business
6 years  
Size
90 Staff * Dedicated investor relations
* All information is reported by LURIN as of 9/30/2021.

Financials

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Location Details

Rogers, AR

Jon Venetos, LURIN: "Palisades at Pleasant Crossing is located at the nexus of the Northwest Arkansas market. The property is less than a minute from I-49, the primary north/south thoroughfare in the market, allowing for direct access to Bentonville, Rogers, Springdale, and Fayetteville (all within 30 minutes). The property is less than five miles away from regional headquarters of companies such as Walmart and J.B. Hunt, and only five minutes away from other key employers like Tyson Foods and Mercy Hospital Northwest Arkansas. For recreation, Palisades is located just minutes from Pinnacle Hills Promenade, a popular mixed-use development started by the J.B. Hunt family. Pinnacle Hills includes a variety of attractions including hotels, restaurants, bars, and other activities such as Top Golf and the Walmart Amphitheater. Located in Rogers, Palisades has a quiet suburban feel surrounded by single-family housing. The property is also zoned to Rogers ISD, one of the top school districts in Arkansas. The location attracts young professionals with its proximity to employment and entertainment centers, while the quiet suburban feel and quality education opportunities draw a traditional family unit."

Documents

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