Property Details
Stabilized Occupancy  Stabilized Income  Stabilized Cashflow  Below Market Rents  NOI Growth 
Asset Profile
Core Plus

Ironwood

Lynn, MA

Multi-Family Property
The Procopio Companies Lynnfield, MA
The Procopio Companies
  • IRR 15.4%
  • Equity Multiple 2.66x
  • Hold Period 8Y
  • Minimum Investment $50K
  • Year 1 Cash on Cash 7.6%
  • Stabilized Cash on Cash 7.6% in Y1
  • First Distribution Apr 2022
  • Distribution Frequency Quarterly
  • Co-Investment 51% (~$3.4M)
  • Preferred Return 10% IRR
  • Investor Profit Share See Financials
  • Asset Profile Core Plus
  • Loan-to-Value 73.3%
  • Current Occupancy 98%

About this Property

"Ironwood is a newly constructed and fully stabilized core-plus apartment complex consisting of 100 luxury apartments in a great commuter location less than 15 minutes from downtown Boston."
-Michael Procopio, Procopio Companies

Address 215 Fairmount Ave
Square Footage 125,930 sq. ft.
# of Units 100
Year Built 2019
Current Occupancy 98%
Average Market Occupancy 93%
Current Average Rent $2,006
Average Market Rent $2,623
Purchase Price $30,522,552
Price Per Sq. Ft. $242/sq. ft.
Stabilized Loan to Value 70%

Top Questions

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

 

Why are you buying this property?

Michael Procopio, Procopio Companies: "Procopio Companies developed and built this property in 2019 on a merchant-build (build-stabilize-sell) business plan. Because of its superior location, market trends, and rent-growth upside, they are recapitalizing it for an 8-year hold, on a investor-basis $2,000,000 below appraised value – for immediate investor value"

 

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

Michael Procopio, Procopio Companies:

  • "Best in class new construction (2019 completion)."
  • "Close proximity to Logan Airport, Downton Boston, and the 128/93 corridors."
  • "Fully stabilized w/ opportunity for outperformance on rent growth."
  • "The Lynn submarket is experiencing rapid growth with massive influxes of institutional capital - Ironwood is very well positioned to draft off of those larger transactions for both asset growth and income growth."

 

What is your investment strategy/business plan for the Property?

Michael Procopio, Procopio Companies: "This is a core-plus business plan, to maintain the property in a class-A condition, improve management and resident experience and push rent growth throughout the 8-year planned hold."

 

How has COVID-19 impacted your business plan?

Michael Procopio, Procopio Companies: "It has not - suburban assets in greater Boston have performed exceptionally through COVID-19."

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

About this Property

"Ironwood is a newly constructed and fully stabilized core-plus apartment complex consisting of 100 luxury apartments in a great commuter location less than 15 minutes from downtown Boston."
-Michael Procopio, Procopio Companies

Address 215 Fairmount Ave
Square Footage 125,930 sq. ft.
# of Units 100
Year Built 2019
Current Occupancy 98%
Average Market Occupancy 93%
Current Average Rent $2,006
Average Market Rent $2,623
Purchase Price $30,522,552
Price Per Sq. Ft. $242/sq. ft.
Stabilized Loan to Value 70%

Top Questions

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

 

Why are you buying this property?

Michael Procopio, Procopio Companies: "Procopio Companies developed and built this property in 2019 on a merchant-build (build-stabilize-sell) business plan. Because of its superior location, market trends, and rent-growth upside, they are recapitalizing it for an 8-year hold, on a investor-basis $2,000,000 below appraised value – for immediate investor value"

 

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

Michael Procopio, Procopio Companies:

  • "Best in class new construction (2019 completion)."
  • "Close proximity to Logan Airport, Downton Boston, and the 128/93 corridors."
  • "Fully stabilized w/ opportunity for outperformance on rent growth."
  • "The Lynn submarket is experiencing rapid growth with massive influxes of institutional capital - Ironwood is very well positioned to draft off of those larger transactions for both asset growth and income growth."

 

What is your investment strategy/business plan for the Property?

Michael Procopio, Procopio Companies: "This is a core-plus business plan, to maintain the property in a class-A condition, improve management and resident experience and push rent growth throughout the 8-year planned hold."

 

How has COVID-19 impacted your business plan?

Michael Procopio, Procopio Companies: "It has not - suburban assets in greater Boston have performed exceptionally through COVID-19."

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

Offered By

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Assets Under
Management

Currently
$205MM less than 10 assets
Exited
$32.48MM less than 10 assets
Portfolio LTV
70%  
Historical
Realized Returns

Total IRR
26.6%  
Equity Multiple
2.16x  
Annual Cash
N/R  
Years Of
Experience

As Principals
30+ years  
In Business
71 years  
Size
28 Staff * Dedicated investor relations
* All information is reported by The Procopio Companies as of 4/13/2020.
Assets Under
Management

Currently
$205MM less than 10 assets
Exited
$32.48MM less than 10 assets
Portfolio LTV
70%  
Historical
Returns

Total IRR
26.6%  
Equity Multiple
2.16x  
Annual Cash
N/R  
Years Of
Experience

As Principals
30+ years  
In Business
71 years  
Size
28 Staff * Dedicated investor relations
* All information is reported by The Procopio Companies as of 4/13/2020.

Financials

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Offering Financial

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Diligence Preview

Location Details

Lynn, MA

Michael Procopio, Procopio Companies: "Located in the Revere/Lynn submarket of the Boston MSA, this is one of the highest performing and most stable multifamily investment markets in the country. Exit cap rates are currently 3.75-4.25, and rent growth is in the 4-6% annual range. Boston is perpetually undersupplied for multifamily, primarily due to land area, planning and development constraints. Further, Boston has an extremely well-educated and affluent workforce, driven by the Medical, Educational and Life Science sectors."

Documents

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Offering Agreement Documents

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