Property Details
Repeat Sponsor  Stabilized Occupancy  Stabilized Income  Stabilized Cashflow 
Asset Profile
Value Add

Newark & Irvington Renaissance Portfolio

Newark & Irvington, NJ

Multi-Family Property
One Wall Partners LLC Newark, NJ
One Wall Partners LLC
  • IRR 15%
  • Equity Multiple 1.5x
  • Hold Period 1-3Y
  • Minimum Investment $25K
  • Year 1 Cash on Cash 7%
  • Stabilized Cash on Cash 7% in Y1
  • First Distribution Jul 2019
  • Distribution Frequency Quarterly
  • Co-Investment 48%
  • Preferred Return 7%
  • Investor Profit Share 0%
  • Asset Profile Value Add
  • Loan-to-Value 74%
  • Current Occupancy 97%

About this Property

The seven property Newark and Irvington Renaissance Portfolio contains historic, park fronting buildings and dozens of recently renovated apartments in the coveted workforce housing locations of Newark and Irvington, New Jersey. The properties offer walkable conveniences and easy commuting to New York City and downtown Newark. Three of the buildings are directly across the street from the Olmsted designed, Weequahic Park which contains sports fields, foot paths, a lake and an 18-hole golf course. In addition to NJ transit access, local shops and restaurants, the locations offer proximity to major employers, highways, Newark airport and several high income towns with additional amenities.

One Wall acquired these properties together in 2016, completed a major turnaround and recently refinanced the properties in 2018. The buildings contain over 640 units and are now 97% occupied after we spent millions of dollars in deferred maintenance and value-added capex projects including dozens of unit renovations. These are now highly stable, smooth running buildings that we own 100% with one equity partner. One Wall is now offering individual investors the opportunity to acquire a portion of the member interests with a current pay 7% preferred return and a future buyout offering 15% IRR.

About this Property

The seven property Newark and Irvington Renaissance Portfolio contains historic, park fronting buildings and dozens of recently renovated apartments in the coveted workforce housing locations of Newark and Irvington, New Jersey. The properties offer walkable conveniences and easy commuting to New York City and downtown Newark. Three of the buildings are directly across the street from the Olmsted designed, Weequahic Park which contains sports fields, foot paths, a lake and an 18-hole golf course. In addition to NJ transit access, local shops and restaurants, the locations offer proximity to major employers, highways, Newark airport and several high income towns with additional amenities.

One Wall acquired these properties together in 2016, completed a major turnaround and recently refinanced the properties in 2018. The buildings contain over 640 units and are now 97% occupied after we spent millions of dollars in deferred maintenance and value-added capex projects including dozens of unit renovations. These are now highly stable, smooth running buildings that we own 100% with one equity partner. One Wall is now offering individual investors the opportunity to acquire a portion of the member interests with a current pay 7% preferred return and a future buyout offering 15% IRR.

Key Points

  • Sponsor is retaining at least 48% of the total equity (92 cents for every preferred investor dollar received)
  • Sponsor's exit value value is subordinate to 15% IRR for preferred investors and Sponsor has never delivered a realized return of less than 15% IRR (11 investor exits)
  • Exit proceeds support a 15% IRR for preferred investors even with no asset appreciation or NOI growth over 3 year target hold
  • High return, low risk Class B asset in 96%+ occupancy sub-markets
  • 20 slots available at $25K minimum investment before minimum increases to $50K
  • Sponsor is accepting rolling commitments and returns will begin accruing upon the later of March 1st or the date your funds are received

Offered By

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Assets Under
Management

Currently
$300MM 40+ assets
Exited
$21MM less than 10 assets
Portfolio LTV
60%  
Historical
Realized Returns

Total IRR
18%  
Equity Multiple
1.3x  
Annual Cash
10%  
Years Of
Experience

As Principals
30+ years  
In Business
10 years  
Size
6 Staff * Dedicated investor relations
* All information is reported by One Wall Partners LLC as of 1/9/2019.
Assets Under
Management

Currently
$300MM 40+ assets
Exited
$21MM less than 10 assets
Portfolio LTV
60%  
Historical
Returns

Total IRR
18%  
Equity Multiple
1.3x  
Annual Cash
10%  
Years Of
Experience

As Principals
30+ years  
In Business
10 years  
Size
6 Staff * Dedicated investor relations
* All information is reported by One Wall Partners LLC as of 1/9/2019.

Financials

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Offering Financial

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Diligence Preview

Location Details

Newark & Irvington, NJ

The portfolio properties are located in the City of Newark and City of Irvington in southeastern Essex County and are approximately 15 miles southwest of Manhattan. Newark and Irvington neighbor each other and are surrounded by several densely populated towns containing significant residential, commercial and industrial development and are across the Newark Bay/Hackensack river from Jersey City. This location provides unparalleled access to the region’s extensive transportation infrastructure. Newark is served by PATH to Manhattan, several NJ Transit stations serving NYC and countless other destinations and AMTRAK service on the Northeast Corridor. The area is served by numerous highways including the New Jersey Turnpike (Interstate 95), Interstate 280, Interstate 78, the Garden State Parkway, U.S. Route 1/9, U.S. Route 22 and Route 21. Newark Liberty International Airport, the second busiest airport in the region, is located within a few miles, as is Port Newark, the largest container port on the East Coast and the 15th busiest seaport in the world.

Documents

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Offering Agreement Documents

Frequently Asked Questions

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

The Sponsor is 20% owner of the JV entity that owns 100% of the properties at present; this is a recapitalization not an acquisition. The property was purchased in October of 2016 for $37,100,000. Since then, more than $2,200,000 of capex has been invested and the occupancy has increased from less than 90% to 96%+. The equity is being offered at an asset valuation of $53,200,000 which is equal to lender’s appraised value.

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