Property

Greensboro Multifamily Portfolio Greensboro, NC

Property
Type
Multi-Family
Investment Type
Property
Asset Profile
Value Add
Min. Investment
$50K
Estimated Hold
3Y
Target Return (IRR)
23.5%
Target Annual Cash
11.6%
 

Offered By

RealSource was established in 1989 with the central focus of helping investor clients insure their maximum profitability through RealSource's "Prime-Time Investing" model. The key strategy of this proprietary model is investing in the right geographical location in the...

 

About this Property

RealSource is pleased to announce the availability of new LP equity for the Greensboro Portfolio, a 448 unit portfolio comprised of two value-add opportunities, the Park at Oak Ridge Apts and the Park at Midtown Apts. As you may recall RealSource and a number of our clients acquired the Greensboro Portfolio last January. An institutional investor acquired a 75% equity share and shortly after close chose not to follow the original business plan and was slow in approving the capital expenditures needed to complete vital property repairs, new amenities and value-add upgrades. Consequently, RealSource has negotiated with this institutional investor to acquire their position (please see the “Change in Equity” and the “Sources and Uses” tables on page 10). Once this institutional investor’s position has been acquired, RealSource proposes to complete the unit upgrades, exterior repairs and amenity upgrades as originally planned.
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Key Points

  • Both properties were built in 1986 within 1.5 miles of each other providing economies of scale through common ownership of separate entities.
  • Just under 10% of the units have been upgraded since closing and are achieving on average at 14.4% rent premium of $105 over the non-upgraded units.
  • Upgrading all the remaining 406 non-upgraded units is projected to add just over $6.5m in added value on $4,875,000 in LP equity (based on the 7.4% blended acquisition cap rate).

About this Sponsor

RealSource Equity Services

Salt Lake City, UT

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Financials

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Location Details

Greensboro, NC

These properties are located near each other which provides economic advantages of economies of scale. To retain this advantage and to allow for a flexible exit strategy, separate ownership entities will continue to be used with the same owners and ownership percentages for each property. The purpose then for this package is to combine the proforma returns from the underlying Executive Summaries for each property. Please see these two packages for additional information and disclosures.
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Documents

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Frequently Asked Questions

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

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